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June 26, 2020

Petrobras commences production at Atapu pre-salt field offshore Brazil

Brazilian state-owned operator Petroleo Brasileiro (Petrobras) has started oil and gas production at the Atapu shared deposit in the eastern portion of the country's Santos basin.

By Himaja Ganta

Brazilian state-owned operator Petroleo Brasileiro (Petrobras) has started oil and gas production at the Atapu shared deposit in the eastern portion of the country’s Santos basin.

Atapu is located near the Búzios field offshore Brazil.

Output at the field began via the P-70 floating production, storage and offloading (FPSO) platform.

In a press statement, Petrobras said: “The P-70 own platform, the fifth FPSO (floating, production, storage and offloading) of the series of replicants, has the capacity to process up to 150,000 barrels of oil daily and treat up to six million cubic metres of natural gas.

“The unit will operate about 200km off the coast of Rio de Janeiro state, in 2,300m of water depth, with a forecast of interconnection of up to eight producing and eight injection wells.”

The Atapu shared deposit comprises the fields Oeste de Atapu, Atapu, as well as a part of the Union’s non-contracted area.

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Petrobras owns an 89.257% stake in Atapu, with Brazilian units of Royal Dutch Shell (4.258%), Total (3.832%), and Petrogal (1.703%), as well as Brazil’s government-owned PPSA (0.950%) holding minority stakes.

Last month, Petrobras released its Q1 financial results, showing its worth fell by $13.4bn as part of a cash impairment charge.

In the same month, Petrobras discovered further reserves of good-quality oil in the south-east area of the Búzios field, with greater potential in the pre-salt of the Albacora field.

In April this year, Petrobras revised its debt reduction plans due to the ongoing fall in crude prices as a result of the Covid-19 pandemic. It said it would maintain its gross debt at $87bn this year, the same level as last year.

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