Hydro Charters FPSO for Peregrino Field

Hydro says that the Peregrino partnership in Brazil has entered into an agreement leading to the charter of a Floating Production Storage and Offloading (FPSO) vessel.

The FPSO will be built by AP Moeller - Maersk A/S and will be operated and maintained by one of its Brazilian subsidiaries.

The partnership expects the FPSO to be ready for installation on the field in early 2010.

The agreement is subject to the owners' final sanctioning of the project and the authorities' approval of the Peregrino field development plan.

The Peregrino field is located about 85 km offshore Brazil in about 100 meters of water. The recoverable resources are estimated at between 300 million and 600 million barrels of heavy oil.

The field will be developed with an FPSO and two drilling platforms. There will be 30 horizontal production wells and seven water injection wells.

Production start up is planned for 2010.

License holders in the project are Hydro with 50% (as operator during the project planning phase) and Anadarko with 50% (as operator during the project execution and operation phases)

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