New Petrobras FPSO to Boost Espadarte Output in January

Brazil's federal energy company Petrobras (NYSE: PBR) expects its 100,000b/d floating production, storage and offloading vessel (FPSO) to start producing oil at the Campos basin in January, the company said in a statement.

The Cidade de Rio de Janeiro FPSO was delivered to Petrobras on Monday. It was leased from Japanese oil services company Modec through its US subsidiary Modec International.

The FPSO will be located in the deepwater Espadarte oilfield at depths of 1,350 meters. It will be linked to nine wells and has the capacity to produce 2.5Mm3 of natural gas a day.

Espadarte was projected to reach a 40,000b/d production peak in 2006 through another production unit in operation since 2000. The new FPSO will increase production in the field, which was discovered in 1994.

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