Campos Basin Helps Petrobras to New Oil Output Record

Brazil's federal energy company Petrobras produced a record 1.85 million barrels of oil on December 19 due to output in the offshore Campos basin and in mature fields, the company said in a statement.

The increase was the result of higher production from the P-43 and P-48 floating production, storage and offloading vessels (FPSOs) in the Barracuda and Caratinga fields respectively in the Campos basin, the statement said.

The last output record registered in June was 1.84Mb/d.

Over 80% of Petrobras' total domestic oil production comes from the Campos basin fields, a company official told BNamericas.

Petrobras aims to increase output to 1.91Mb/d in 2006 and 2.3Mb/d in 2010. In 2006 alone, the company will invest 19.9bn reais (US$8.51bn) in exploration and production activities.


The importance of the Campos basin to the country's oil industry is expected to increase as the company's three business units that operate fields in the basin - UN-Espírito Santo, UN-Rio de Janeiro and UN-Campos - aim to step up production there in coming years.

Petrobras plans to increase production from UN-Rio and UN-Campos to 2.1Mb/d by 2010 up from current levels of 1.48Mb/d, UN-Rio manager Ricardo da Silva told BNamericas.

UN-Rio includes new fields under development such as the Albacora Leste, Roncador, Marlim Sul and Marlim Leste fields, which are receiving most of the new investments.

For example, the Albacora Leste field should start production in 2006 as the 180,000b/d P-50 FPSO is expected to start production after investments of US$1.8bn, da Silva said. Petrobras has 90% and Spain's Repsol YPF (NYSE: REP) has 10% of the deepwater field.

"The strategy is continually to increase production and exploration in the basin," he said. "The Campos basin has easily enough reserves for production to last another 25-30 years."

The P-50 FPSO is expected to reach full capacity in October 2006. It will be the field's only production unit, field manager Huáscar Padilha told BNamericas.

Albacora Leste has heavy crude of some 19 degrees API and at a rate of 180,000b/d it will take 25 years to exhaust reserves estimated at 400Mb, he said.

With Albacora and other new fields, UN-Rio is expected to produce 1.1-1.2Mb/d in 2010, or 52% of Petrobras' total production target, da Silva said.

About Business News Americas: Business News Americas is a multilingual news and business information service that covers the most important original stories in 11 different business sectors throughout Latin America everyday. Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports.

Click here for a Free two week trial to our Latin America Oil & Gas information service.