Petrobras starts production at Agbami Field

Geopolitical issues send crude oil prices higherBrazilian oil producer, Petrobras and partners have produced first oil from Agbami Field in Nigeria on July 29 2008. Petrobras holds a 13% share in the venture, together with StatoilHydro and Chevron, the operator.

The Nigerian companies Nigerian National Petroleum Corporation and Famfa Oil Limited are also partners in Agbami Field as concessionaries.

The FPSO (Floating Production, Storage and Offloading) type vessel that operates in the blocks OML-127/128 (Agbami) is the biggest ever installed in the world for this purpose and is capable of producing 250,000 barrels of oil per day (bpd). The field’s average water depth is 1400 meters.

Production is expected to peak in the second half of 2009. Petrobras’ share will be around 33,000 bpd of the light oil production, with API gravities ranging from 45 to 48 degrees.

The company claims this production will represent some 13% of the volume Petrobras produces abroad.

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