Petrobras cancels Papa-Terra platform bid process

By OGJ editors
HOUSTON, Jan. 19 -- Petroleo Brasilerio SA (Petrobras), citing uncertain market conditions, suspended the tenders for building the P-61 tension-leg well platform and P-63 floating production, storage, and offloading vessel for the Papa-Terra field, which lies in the Campos basin off Brazil.

The company noted that proposals received had an excessive cost.

Petrobras had expected the Papa-Terra field, discovered in 2003, to go on stream in 2011.

The company has formed an internal working group to analyze alternatives for developing the field that holds an estimated 700 million bbl of 14-17° gravity oil. Water depth is about 1,200 m.

Chevron Overseas of Brazil Ltd. is a partner in the field and holds a 37.5% interest.

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