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.

Related Articles

Chevron to increase production, maintain capex level through 2017

03/13/2014 Chevron Corp. will increase production by 20% through 2017 without raising capital expenditures, executives said Mar. 11 at the company's annual se...

IHS CERAWeek: Oil executives cite rising business costs

03/04/2014 Demand for all types of energy continues to increase as oil and gas companies adapt to handle the ever-rising costs of finding and producing hydroc...

Chevron gets approval for Alder field, reaches FID

01/20/2014 Chevron Corp. UK subsidiary Chevron North Sea Ltd. has reached a final investment decision (FID) and received approval from the UK government to pr...

Feds call for revamp in safety regulation at US refineries

12/23/2013 The US Chemical Safety Board (CSB) has proposed a more-rigorous safety management regulatory framework for refineries in California that could exte...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected