Petrobras P-40 Production Semi Now Online

Petrobras started producing oil with its new offshore rig at the Marlim Sul field after long delays that had compromised its production targets. The company said in a statement the 150,000-barrel-per-day (bpd) rig in the oil-rich Campos basin would be producing 50,000 bpd at the end of the week, and output would rise to 100,000 after the first two months of operation. It should be working at full capacity by mid-2002.

Petrobras has said the company should miss its year-end output target by about 4 percent due to delays in obtaining environmental licenses for the new rig. Petrobras had already been forced to revise down its 2001 average production target to 1.39 million bpd from 1.42 million bpd after its biggest production rig sank in March. The output should now total about 1.35 million bpd for the year, still well above last year's 1.27 million.