ANP approves development of Lagosta field

Wednesday, February 11, 2009

Brazil's hydrocarbons regulator ANP has approved federal energy company Petrobras' (NYSE: PBR) development plan for the Lagosta natural gas field in the Santos basin, the watchdog reported on its website.

Lagosta is one of five fields Petrobras intends to develop this year to increase its natural gas production to 73Mm3/d in 2009 from 51Mm3/d at the end of 2008.

Production at Lagosta will reach 1.5Mm3/d and will be integrated to the neighboring Merluza field through a 6km pipeline.

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Petrobras acquired in 2007 US oil company El Paso's (NYSE: EP) stake in the field and now is the sole owner of Lagosta.

Separately, ANP also authorized Petrobras to start developing its Potiguar basin's Guaiúba natural gas field, the watchdog said, without providing project details.