Brazil's state-run energy giant Petroleo Brasileiro S.A. or PetrobrasPBR announced on Mar 16 that it has brought online the platform P-61 in the Papa Terra field.
The platform P-61 - located in a water depth of 1,200 meters - is part of the Papa Terra field production project. This is in addition to the FPSO (floating production storage and offloading) P-63 that commenced operations in Nov 2013.
The P-61 would be connected to 13 production wells, the first of which is PPT-16 that is already operational. The P-63 is currently connected to five production and six injection wells. Also, five additional injection wells are expected to be connected to it.
The FPSO P-63, which has a capacity of 140 thousand barrels per day (bpd) and 1 million cubic meters of gas, will process the production from the platform P-61. The company further stated that shuttle tankers carry the oil and additional gas, which have not used up at the platforms, to a reservoir.
The Papa Terra field is located 110 kilometers offshore Brazil, in the southern tip of the Campos Basin. Papa Terra is one of the company's most complex projects due to the presence of varying quality of oil and the depth of the field.
Petrobras is the operator of the project with a 62.5% stake. The remaining stake (37.5%) is held by the integrated oil major, Chevron Corp. CVX .
Headquartered in Rio de Janeiro, Petrobras is the largest publicly-traded Latin American oil company, dominating Brazil's oil and gas sector. The company produces most of Brazil's crude oil and natural gas and accounts for almost the entire refining capacity of the country. However, it has been under scrutiny of late because of the money-laundering scandal, which weighs on its financials and credit metrics.
Currently, Petrobras carries a Zacks Rank #3 (Hold).