First Oil Achieved from Teekay's Brazil FPSO Project

Teekay Petrojarl ASA's Floating Production Storage and Offloading unit (FPSO) "Petrojarl Cidade De Rio Das Ostras" achieved first oil from the Siri Field in Brazil on March 31.

This signaled both project success for Teekay and a milestone in heavy crude oil test production for Petroleo Brasileiro S.A. (Petrobras).

The innovative project began in 2006 when Teekay was awarded a contract by Petrobras to convert and operate an FPSO unit in the Siri Field off the southeastern coast of Brazil. The Siri Field is in the Campos Basin, 101 kilometers northeast of Macae.

"We are proud to participate with Petrobras in this pioneering heavy crude oil test production project," said Teekay's President and CEO Peter Lytzen. "The success of this test project will set a new global standard for innovation within our industry, and will enable Petrobras to access the valuable heavy crude oil reserves in the Campos Basin."

The FPSO "Petrojarl Cidade De Rio Das Ostras" will serve as a test facility for the production of the heavy crude oil with an API grade of 12.6 that is found in large reserves within this region.

Data collected during production will provide vital production and reservoir behavior information that will allow Petrobras engineers to optimize production techniques. Successful production of the Siri Field will also enable Petrobras to book the field's producible reserves and significantly contribute to their increased oil reserve targets.

"The successful conception and delivery of such a challenging FPSO conversion is testament to Teekay Petrojarl's unique blend of operational, engineering and professional expertise," Lytzen commented. "This opportunity was only realized through the passion and progressive vision of Petrobras. This exciting experience has focused our attention on further opportunities within the Brazil market."

The FPSO has a total crude oil storage capacity of approximately 214, 000 barrels (bbls), is capable of producing 15,000 bbls per day of stabilized crude oil.

The FPSO is manned and operated by Teekay. The contract is for a two-year period with future options for Petrobras to extend the contract.


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