Petrobras Postpones Construction of P-55 and P-57 Rigs

RIO DE JANEIRO Apr 09, 2007 (Dow Jones Newswires)

Brazil's state-run oil firm Petroleo Brasileiro SA (PBR), or Petrobras, canceled orders in January for the construction of the P-55 and P-57 platforms, postponing the projects due to excessive prices, the company said Thursday.

The company is examining new strategies for having the rigs built at a lower cost. Due to the expected delay in the construction of the platforms, Petrobras decided to move forward the construction of the P-56 rig, destined for the Marlim Sul field in the Campos Basin.

P-56 will have a capacity to produce 100,000 barrels a day and pump from a water depth of 1,700 meters.

The P-55 platform will have a capacity to produce 180,000 barrels of oil a day from the Roncador field off the coast of Rio de Janeiro state at a water depth of 1,795 meters, Petrobras said.

P-57 will be a floating production, storage and offloading rig, or FPSO, with an output capacity of 180,000 barrels a day. It is slated to pump from the Jubarte field off the coast of Espirito Santo state from a water depth of 1,246 meters.

Copyright (c) 2007 Dow Jones & Company, Inc.

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