Roncador to Begin Production in 45 Days

Wednesday, November 11, 1998

Brazil's giant offshore oil field Roncador, located in the Campos basin in Brazil's Rio de Janeiro state is scheduled to begin production in 45 days. Brazil's state-controlled oil company Petrobras (Level 1: PTBRY) will be the sole operator of the field and does not contemplate forming any joint operating ventures for this particular oil field a company source said.

However, Petrobras has not discarded possible financial associations with banks to finance the project, such as the association with Brazil's National Development Bank (BNDES) for the Marlim oil field, also located in Campos.

Roncador has some two billion oil barrels in reserves, and Petrobras plans to invest approximately US$1.68bn to produce 180,000 barrels per day. Together with Marlim, Marlim-Sul and Albacora, the oilfield comprises Brazil's large offshore oil reserves.

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