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Brazil Announces Discovery of Huge Oil Fields Off Rio’s Coast

Brazilian oil giant Petrobras announced Tuesday, December 27, the discovery of a giant oil field in Campos Basin, in the southeastern Brazilian state of Rio de Janeiro.

Field BC-20, also called Papa-Terra, has potential reserves of between 700 million and one billion barrels of oil, almost 10% of total Brazilian reserves.

The area, operated by Petrobras and Chevron, should enter production by the end of 2011. The oil is considered very heavy. These oils are more expensive to extract and refine than lighter oils.

Self-Sufficiency

When it starts up operations in January, 2006, the P-50 platform vessel will be Petrobras’ largest production unit, churning out 180 thousand barrels of oil daily.

Besides producing petroleum, the P-50, which is a floating production, storage, and offloading unit (FPSO), built at the cost of US$ 634 million (around 1.3 billion reais), will also be capable of compressing 6 million cubic meters of natural gas and of storing up to 1.6 million barrels of oil.

However, in order for its plan of sustained self-sufficiency in petroleum production to become a reality, Petrobras is also counting on three other production units to come on line next year: the P-54, with a 60 thousand barrel daily output, in the Jubarte Field, in the Campos Basin; the SSP-300, with a 20 thousand barrel daily output, in the Piranema Field, in Sergipe; and the Golfinho Phase One unit, with a 100 thousand barrel daily output, in the Golfinho Field, in the Espí­rito Santo Basin.

Petrobras’ has its sights set even higher, going well beyond the goal of self-sufficiency: The company hopes to attain a daily production average of 2.3 million barrels by 2010. To achieve this target, the company has 36 major projects in the pipeline for execution between now and the end of the decade.

These projects involve investments surpassing US$ 50 billion and will permit the start-up of platforms P-51, P-52, P-53, P-54, and P-55, each with an average daily production of 180 thousand barrels of petroleum.

ABr, Anba

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  • Guest

    ?????
    At one point you say P-54 has À  60 thousand barrel daily output.
    On the last paragraph you say that P-54 will have 180000 average daily production.

    Furthermore, actually you produce around 1.8 millions barrels per day. Your platforms numbers P-50 to P-55 are supposed to produce each 180000 barrels per day.
    6 platforms of 180000 bpd equals to slightly over 1 million barrels per day. Added to your existing production this should equals to 2.9 millions bpd, but you expect only 2.3 millions bpd.
    Finally the addtional 1 million bpd with the 6 new platforms is just with the large platforms not even with other types of platforms or other type of extractions of oil and gas. This should add another quantity to the future production.

    But you still expect production of “only” 2.3 millions bpd while having spent money to produce well over 3millions. You will have then several iddled platforms that will have costed well over 600 millions US$ EACH !

    Bad spending, bad long term calculations !

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