Ibama Gives Green Light for P-34

Brazil's federal environmental protection agency Ibama has awarded a one-year full environmental license to federal energy company Petrobras (NYSE: PBR) to set up operations of the P-34 floating production, storage and offloading (FPSO) vessel in the Campos basin's Jubarte field, Ibama said in a statement.

According to Ibama, Petrobras must carry out a number of programs as part of the PPSO project, including environmental protection and educational initiatives. The license also authorizes Petrobras to develop a project to transport the oil from the field by ship.

Jubarte is at water depths of 1,340m, 85km off the southern coast of Espírito Santo state. It was formerly part of the BC-60 block.

Jubarte contains heavy crude of 17 degrees API.

The P-34 has capacity to produce 60,000 barrels of oil a day. First production is scheduled for September and is expected to reach full capacity by year-end, a Petrobras spokesperson told BNamericas.

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