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May 24, 2010

Petrobras to Start Franco Field Production

Petrobras plans to start production at the offshore Franco field, Brazil, in 2015. Initial output from the Franco field, which Petrobras plans to buy from the Brazilian Government, is estimated to be around 50,000 to 100,000 barrels a day. Petrobras is looking to acquire the r

By cms admin

Petrobras plans to start production at the offshore Franco field, Brazil, in 2015.

Initial output from the Franco field, which Petrobras plans to buy from the Brazilian Government, is estimated to be around 50,000 to 100,000 barrels a day.

Petrobras is looking to acquire the rights of Franco as part of a plan to sell $25bn new shares and buy five billion barrels of state reserves in exchange for stock.

The Franco field is expected to hold 4.5 billion barrels of recoverable light oil, the largest discovery since Petrobras found Tupi in 2007.

The company is planning to double its daily output to 5.7 million barrels by 2020 through the giant Tupi and Franco fields.

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