Petrobras, Repsol-YPF to invest $1.7 billion in Albacora field

Petroleo Brasileiro SA (Petrobras) and its 10% partner Repsol-YPF SA will invest $1.7 billion to develop Albacora Leste (Albacora East) field, in Campos basin off Rio de Janeiro state, Brazil.

May 25th, 2001


By an OGJ Online Correspondent

RIO DE JANEIRO, May 25 -- Petroleo Brasileiro SA (Petrobras) and its 10% partner Repsol-YPF SA will invest $1.7 billion to develop Albacora Leste (Albacora East) field, in the Campos basin off Rio de Janeiro state, Brazil.

The field is in 800-2,200 m of water. It was discovered 17 years ago, but according to Arlindo Alves Filho, development manager, only during the 1990s did Petrobras acquire the technological capacity to operate in such deep waters.

According to Petrobras, the first wells for this new project will be drilled in July 2002.

By 2003, 11 wells (6 producers and 5 injectors) will be producing 34,000 b/d of crude and 400,000 cu m/day of gas.

The field should produce 180,000 b/d of crude oil and 2.25 million cu m/day of gas by 2009.

Petrobras said Albacora Leste field has 700 million bbl (18-21°-gravity oil) and 20 billion cu m of proven and probable gas reserves.

Albacora Leste oil will be move to shore via ship and the gas will flow through a future 30-km pipeline to a platform in Roncador field and then to shore at Barra do Furado. The line to shore is under construction and will bring Campos basin gas output to 17.5 million cu m/day from the present 10.5 million cu m/day.

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