Petrobras: First Pre-Salt Oil Output Starts Tuesday

RIO DE JANEIRO (Dow Jones Newswires), September 1, 2008

Brazilian state-run energy giant Petroleo Brasileiro will produce its first crude oil from the promising pre-salt region off the country's southeastern coast on Tuesday.

Petrobras, as the oil company is also known, will start pilot production at a pre-salt deposit in the Jubarte field, off the coast of Espirito Santo state. Brazilian President Luiz Inacio Lula da Silva will commemorate the event during a ceremony in Vitoria.

Petrobras' P-34 platform at the Jubarte field will be hooked up to a pre-salt well. The rig, which has a production capacity of 60,000 barrels a day, also produces crude from reservoirs above the pre-salt layer.

Crude oil production from the platforms pre-salt wells is expected to rise to between 10,000 and 15,000 barrels a day later this month.

Copyright (c) 2008 Dow Jones & Company, Inc.

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