Petrobras Delays P-38 Transfer

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Monday, April 16, 2001

Brazil's state-controlled oil company Petrobras (NYSE: PBR) has delayed transferring the P-38 floating, storage and offloading (FSO) vessel from the Mauá shipyard to the Campos Basin until it receives full licensing from the National Environment Institute (Ibama), probably in June, a Petrobras spokesperson told BNamericas.com.

Petrobras had wanted to take P-38 out to the Campos Basin last week in order to anchor it and prepare for the arrival of the production platform, P-40, the spokesperson said. But the environmental license covers both platforms, and P-38 must therefore wait until it is ready, the spokesperson explained.

The P-38 FSO will work alongside the P-40 production platform in the Marlim Sul field in the Campos Basin, offshore Rio de Janeiro. This is the first production unit to be installed at Marlim Sul and is scheduled to begin producing from July this year, ramping up to full capacity of 150,000 barrels of oil and six million cubic meters of gas per day by November 2002, according to a Petrobras press release.

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P-40 will treat the oil before piping it to P-38, which will store and transfer the oil to bulk carriers. The natural gas will likewise be treated onboard P-40 before being piped to the Namorado-1 platform, which is the central distribution center for natural gas produced from the Campos Basin.

Marlim Sul is expected to reach full production capacity of 360,000 barrels per day by 2007.