Petrobras to Conclude P-54 FPSO Construction in March

Brazil's federal energy company Petrobras (NYSE: PBR) plans to conclude in March construction of the P-54 floating production, offloading and storage (FPSO) vessel, federal news service Agencia Brasil reported.

The first stage of construction of the vessel's modules has wrapped up at the Brazilian-Singaporean Maua-Jurong shipyard, the agency reported.

The next steps entail integrating the modules with the hull and platform testing. The hull was modified into an FPSO in Singapore and arrived in Brazil in July 2006.

P-54 investments are estimated at US$900mn. It is projected to produce 180,000b/d crude and process 6Mm3/d of natural gas. The FPSO will produce oil at the Roncador field in the Campos basin.

The company previously announced plans to start P-54 operations in the first quarter of 2007.

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