Estrela do Mar, Cavalo Marinho oil output by 2007

Tuesday, March 22, 2005

The Brazilian offshore oil fields of Estrela do Mar and Cavalo Marinho in the Santos basin will start producing late 2006 or early 2007, O Globo news service quoted an executive from Brazilian independent oil company Starfish as saying.

Starfish has a 7.5% stake in the fields operated by federal energy company Petrobras (NYSE: PBR) with a 35% interest. Brazilian independent company Queiroz Galvão has a 30% stake while Norwegian oil company Coplex has a 27.5% share in the fields, the news service reported.

Estrela do Mar will be developed from the existing platform at the nearby Coral field, which is controlled by the same consortium, the report said. Development plans for the Cavalo Marinho field are being reappraised, Starfish president Wagner Freire was quoted as saying.

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Coral currently produces 8,000 barrels of oil a day (b/d) but the target is to reach 20,000b/d. Production at the Estrela do Mar field is pegged at 6,000b/d, the news service reported.