El Paso Expects Pinauna Output to Begin 4Q08
US energy company El Paso (NYSE: EP) expects oil production at the Pinauna offshore field in Brazil to begin in the fourth quarter of 2008, El Paso E&P president Brent Smolik said during the company's annual analyst meeting.
This year El Paso will focus on project procurement and construction, Smolik said in a webcast.
Output at Pinauna is expected to be 15,000b/d through 2009, he said.
Pinauna is in the Camamu-Almada basin some 12km offshore Bahia state and has reserves of 33M-35Mb paraffin oil, the company said previously.
El Paso's current Brazilian output comes from the Potiguar basin, while exploration work is underway in the Espirito Santo basin.
The company plans to spend US$1.7bn on E&P this year, of which US$215mn will go to international operations "largely" in Brazil, Smolik said. El Paso's total 2007 capex is US$2.7bn.
El Paso will report 4Q06 earnings February 27.
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