Petrobras declares two Campos basin oil fields commercial

1/3/2013

Petrobras declares two Campos basin oil fields commercial

RIO DE JANEIRO --  Petrobras said it declared two offshore oil fields in the Campos basin holding an estimated 350 MMbbl of oil commercially viable. Petrobras said the Aruana and Oliva fields would be renamed Tartaruga Verde and Tartaruga Mestica, respectively. Tartaruga Verde holds an estimated 230 MMboe, while Tartaruga Mestica has 121 MMboe.

The two fields, however, are unlikely to help Petrobras shake off its recent production troubles. Tartaruga Verde and Tartaruga Mestica aren't expected to start producing crude oil until 2017, with initial development part of the company's $237 billion investment plan for the 2012-2016 period, Petrobras said.

Petrobras's output dropped sharply throughout 2012 as maintenance work at several offshore platforms undercut production. While production recovered late in the year as maintenance work was completed, company officials said output would likely remain stable in 2013 at about 2.02 MMbpd. Crude oil production is not expected to increase until end 2014 at the earliest, when some of the new ultra-deepwater discoveries made in the mid 2000s come onstream.

Petrobras holds 100% stakes in Tartaruga Verde and Tartaruga Mestica. Petrobras also said that a promising subsalt find called Carcara was expected to start production in 2018. The Carcara discovery generated industry excitement because it's among the thickest reservoirs ever discovered in Brazil's offshore subsalt region.

Dow Jones Newswires

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