Petrobras P-52 to Start Output Shortly

RIO DE JANEIRO Oct. 26, 2007 (Dow Jones Newswire)

Brazil's state-run oil firm Petroleo Brasileiro SA (PBR), or Petrobras, said Friday its 180,000-barrels-a-day P-52 platform will be switched on in coming days, the Estado newswire said.

The P-52 will substitute the FPSO Brasil platform that has a capacity of only 100,000 barrels a day and currently pumps from the Roncador field, Francisco Nepomuceno, executive manager for exploration and production at Petrobras, is quoted as saying.

The P-52 is slated to reach an output of up to 50,000 barrels a day by year-end, and likely will reach its peak output by mid-2008, he added.

The platform was originally scheduled to start producing in the first half of the year, but its output start was delayed several times, leading to delays in the company's output growth targets.

Petrobras' 180,000-barrels-a-day P-54 that will also pump from the Roncador field, and the 100,000-barrels-a-day FPSO Cidade de Vitoria that will pump from the Golfinho field, will also start output in mid-November, Nepomuceno said.

He added that the company's average domestic oil production in 2007 is expected to come in at 1.84 million barrels a day.

In September, Petrobras produced 1.769 million barrels of oil in Brazil. It's overall Brazilian and overseas oil and gas output was 2.28 million barrels of oil equivalent.

Copyright (c) 2007 Dow Jones & Company, Inc.


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