Petrobras Goes for the Gold, Sets Record for Deepwater Oil Production

Brazil's oil giant Petrobras has set a record for deepwater oil production at its Jabuti field, located offshore in the Campos Basin, reports Dow Jones Newswires. The Jabuti field is situated in the greater area of Marlim Leste in 4,921 feet (1,500 meters) of water, about 120 kilometers off the coast of Rio de Janeiro.

According to Dow Jones, Petrobras reported that production output from its 7-MLL-54HP well, which commenced on Feb. 26, was pumped from a water depth of 1, 413 meters -- a new deepwater production record for the state-run company.

The well at Jabuti is currently producing crude at about 35,000 barrels a day and was the first well hooked up to the FPSO Cidade de Niteroi, which has the capacity to produce 100,000 barrels of crude and 3.5 million cubic meters of natural gas per day, the report said. The FPSO arrived at Jabuti in the last quarter of 2008.

"Jabuti is of greater importance because its the first commercial accumulation of light oil discovered in carbonate rock in ultra-deepwater, contrary to the idea that at great depths this type of rock would lose its capacity to accumulate and retain oil," Petrobras said in a statement cited by Dow Jones.