Petrobras Inaugurates Seven Platforms in 2013 for $11.5 Billion

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Researched by Industrial Info Resources Latin America (Cordoba, Argentina)--Brazilian oil producer Petroleo Brasileiro SA (NYSE:PBR) (Petrobras) (Rio de Janeiro, Brazil) inaugurated seven offshore production platforms in 2013 with a total investment value of $11 billion.

The new platforms are part of a Petrobras business plan to double its crude oil production capacity by2020. For 2016, the company estimates crude oil production of 2.5 million barrels per day (BPD). Petrobras' current production is 2.1 million BPD.

The first two platforms that began operations this year were FPSO Cidade de Sao Paulo, operated by MODEC (Tokyo, Japan), in January, and FPSO Cidade de Paraty, operated by SBM Offshore (Schiedam, Netherlands), in June. Both platforms are located on the Sapinhoa and Lula fields, on the Santos Basin, off Brazil's southwest coast.

The third unit was the P-63 platform, which began operations in November at the Papa-Terra field, in Campos Basin. The platform operates with submersible pumps and is the first platform with this type of technology operated in Brazil by Petrobras.

Finally, hull construction and module integration has been completed on platforms P-55, P-58, P-61 and P-62 and they are being moved or have been installed. Platform operations are expected to begin by the first quarter 2014. All will be operated by Petrobras.

In 2014, Petrobras plans to inaugurate two more platforms, which are currently under hull construction and module integration. They include FPSO Cidade de Ilhabela, which will be operated by SBM Offshore, and FPSO Cidade de Mangaratiba, which will be operated by MODEC. Also in 2014, Petrobras expects calls for tenders on 11 platforms, which are expected to begin operations between 2018 and 2020.

Petrobras manages the vast majority of oil field concessions in Brazil and operates 118 platforms off the coast. Sixteen private platforms also operate in Petrobras' fields. The company plans to double crude oil production capacity by 2020 in keeping with the goals of the Brazilian government; to reduce non- renewable fuel imports; and guarantee a high level of national economic growth for the next decade.

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