Petrobras to Start P-50 Output in April

Brazil's federal energy company Petrobras (NYSE: PBR) expects to start oil production at its 180,000 barrel-a-day P-50 floating production, offloading and storage vessel (FPSO) in the Albacora Leste field in April, the company said in a statement.

The P-50 started sailing to the deep-water Albacora Leste field in the Campos basin after concluding 30 days of tests close to shore on Friday (March 10), the statement said.

The Albacora Leste is being jointly developed by Petrobras (with 90%) and Spanish oil company Repsol YPF (NYSE: REP) with 10%.

It will take seven days for the FPSO to reach the field.

The P-50 will be linked to 16 production wells and take six months to reach full output capacity. Petrobras said in the statement P-50's production will help the country reach self-sufficiency in oil, with domestic production topping 1.8 million barrels of oil a day.

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