Petrobras' P-58 Platform Comes Online - Analyst Blog

By
A A A

On Mar 18, 2014, Brazilian state-run energy giant, Petroleo Brasileiro SA or Petrobras ( PBR ) stated that the production platform P-58 has commenced operations in the Parque das Baleias complex, offshore Espírito Santo state, in the Campos Basin. The P-58 works at the pre-salt reservoir well 7-BFR-7-ESS.

The FPSO (Floating, Production, Storage and Offloading) type P-58 is situated at a water depth of 1,400 meters and is located around 85 kilometers offshore Espírito Santo. It belongs to the North project of the Parque das Baleias complex. Petrobras plans to connect eight pre-salt and seven post-salt production wells along with nine injection wells to this platform in the coming months though a flexible pipeline system.

Weighing 63,300 tons, the P-58 has the capacity to process 180,000 barrels of oil and 6,000,000 cubic meters of natural gas per day.


The start-up of this platform is in accordance with Petrobras' 2014-2018 Business and Management Plan. The company also plans to start three new platforms in the second quarter of this year.

Platform P-62, along with platforms P-52, P-54 and P-55 will develop the Roncador field, in the Campos Basin. Platform P-55 already commenced operations last December.

Platform P-61 and SS-88 TAD, a support drilling well semisubmersible platform, will work at the Papa Terra field, along with the platform P-63. P-63 started production last November.

Rio de Janeiro-headquartered Petrobras currently holds a Zacks Rank #3 (Hold), implying that it is expected to perform in line with the broader U.S. equity market over the next one to three months.

Meanwhile, one can look at better-ranked players in the energy sector like Warren Resources Inc. ( WRES ), Range Resources Corporation ( RRC ) and Patterson-UTI Energy Inc. ( PTEN ). All the stocks sport a Zacks Rank #1 (Strong Buy).



PETROBRAS-ADR C (PBR): Free Stock Analysis Report

PATTERSON-UTI (PTEN): Free Stock Analysis Report

RANGE RESOURCES (RRC): Free Stock Analysis Report

WARREN RSRCS (WRES): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.




This article appears in: Investing , Business , Stocks

Referenced Stocks: PBR , PTEN , RRC , WRES

Zacks.com

Zacks.com

More from Zacks.com:

Related Videos

Stocks

Referenced

Most Active by Volume

40,882,924
  • $16.255 ▼ 0.58%
39,972,963
  • $124.836 ▼ 0.77%
33,743,635
  • $8.4201 ▼ 4.32%
24,655,954
  • $14.9225 ▼ 5.91%
23,365,723
  • $9.98 ▼ 2.06%
23,001,150
  • $6.45 ▲ 1.10%
21,440,293
  • $46.7999 ▼ 1.68%
20,587,731
  • $2.565 ▲ 2.60%
As of 5/6/2015, 12:07 PM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com