Hydro Submits Declaration of Commerciality for the Peregrino Field to ANP

Hydro says that the Declaration of Commeciality for the Peregrino oil field in Brazil was submitted to the Agencia Nacional do Petroleo (ANP) in Rio de Janeiro.

"The project is now moving forward, and the partnership intends to sanction the development by the end of this month," says Kjetil Solbraekke, head of Hydro Oleo & Gas, Brazil.

The Peregrino field is located 85 kilometers 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 vessel (Floating Production Storage and Offloading) and two drilling platforms. There will be 30 horizontal production wells and seven water injection wells.

Production start up is planned for 2010.

On March 12th development of the Peregrino project was approved by Hydro's Corporate Management and Board of Directors.

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

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