petrobras - petroleo bras-pr (PJXB) Snapshot

Petróleo Brasileiro SA - Petrobras Presents at EnerCom's London Oil & Gas Conference, Jun-11-2013 03:00 PM. Venue: 6 Waterloo Place, London, United Kingdom.

Petróleo Brasileiro SA - Petrobras (BOVESPA:PETR4) plans to leave Peru, six high-level sources inside and outside of Petrobras said, as the overextended state-run firm sheds assets abroad to focus on its domestic market. "Petrobras does not discuss specific asset sale plans and in the case of a sale would only make the sale public when its complete," Petrobras official in Brazil said. The sources did not say how much the Peruvian assets could be worth. Petrobras has already shopped some of its Peruvian assets to potential buyers, according to three of the sources. A final decision to pull out of Peru has not yet been made and could take some months, according to two other sources - one from Petrobras's Peruvian unit and another from the local oil industry. A sixth source, from Peru's government, said any departure would be unrelated to the country's regulatory landscape and instead be driven by financial stresses specific to Petrobras. "Petrobras is leaving the country entirely," one of the sources said. "Petrobras is selling its 46-percent stake in lot 57 that it shares with Repsol and its lot 58, but things for lot 58 are delayed because it first needs to finish drilling to find more proven reserves, which would bring in more value", the source said. Petrobras declined to comment on its Peru business.

Petróleo Brasileiro S.A. – Petrobras announced that FPSO Cidade de Paraty went on stream June 06, 2013, initiating commercial production at Lula Nordeste area in Santos Basin pre-salt. The new platform is part of the set of production projects scheduled for 2013 in the business and management plan (2013-17 BMP). Cidade de Paraty is a FPSO platform (Floating, Production, Storage and Offloading). It is anchored at a water depth of 2,120 meters, some 300 km off the coast and has the capacity to process up to 120,000 barrels of oil and 5 million m3 of gas per day. Well 7-LL-11-RJS, the first one to be interconnected to the platform, has the potential to produce 25,000 barrels per day. Its production in the first month of operation, however, will be restricted to 13,000 barrels of oil per day, being progressively increased as the natural gas processing and reinjection systems are commissioned. The produced oil in Lula Nordeste area is of intermediate density (29º API) and high quality and will be transported through tankers. Produced gas will be sent to the Monteiro Lobato Gas Treatment Unit (UTGCA), located in Caraguatatuba, on the coast of São Paulo state, through the Lula-Mexilhão gas pipeline. Another 13 wells (seven production and six injection) will be interconnected to the platform in the upcoming months. A peak production of 120,000 barrels of oil per day is expected for the second half of 2014. Lula field has an estimated total recoverable volume of 8.3 billion barrels of oil equivalent (oil plus gas) and started producing in 2010, with FPSO Cidade de Angra dos Reis, four and a half years after its discovery, in 2006. Lula Nordeste module is the second among the 10 definitive modules for development of Lula field (including Iracema area) contemplated in the 2013-17 BMP.