This excerpt taken from the PBR 6-K filed Oct 12, 2007.
Petrobras starts producing oil in deep waters in Northeastern Brazil
(Rio de Janeiro, October 11, 2007). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that the Piranema field, 25 km off the coast of Sergipe, started producing oil this Wednesday (10/10), in deep Northeastern Brazil waters. With operations going online in this field, Petrobras is taking another step towards maintaining Brazils oil self-sufficiency. The Piranema oil, of excellent quality, at 44º API, is the lightest oil produced in deep waters in Brazil.
Enormously important for the Northeastern regions economy, this type of oil is essential for lubricant production. With operations being kicked off in Piranema, Petrobras sets the stage for other Northeastern states to also start exploring oil at greater depths.
The new field will initially produce 10,000 barrels of oil per day, a figure that may reach 30,000 in 2008. When it is at its full capacity, this field will boost Sergipes oil production by 60%. Chartered from Norwegian corporation Sevan Production AS, this platform is an FPSO-type unit (which produces, stores and offloads oil).
The new platform has unprecedented technical characteristics: the round hull, unlike the traditional floating systems, is more versatile and stable, rendering it safer for the operations. Chartered for an 11-year term, during the first phase of the project it will be anchored in the northern portion of the field, at a water depth of 1,090 meters, and will be connected to six wells. During the second phase, meanwhile, it will be moved to the southern area of the same field, and be connected to three other wells at a depth of 1,560 meters.
Contacts: PETRÓLEO BRASILEIRO S. A. PETROBRAS
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This document may contain forecasts that merely reflect the expectations of the Companys management. Such terms as anticipate, believe, expect, forecast, intend, plan, project, seek, should, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: October 11, 2007
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