P-48 started production

Petroleo Brasileiro, a Petrobras Brazilian international energy company, announced that the platformP-48, the second platform of the Barracuda and Caratinga complex in the Campos basin, started production.

The Barracuda and Caratinga complex are deepwater oil and gas fields, 160 km east of Macaé, northeast of Rio de Janeiro covering an area of 493 sq km in the Campos basin, in 600-1,350 m of water. It comprises two FPSOs, namelyP-43 and P-48. Each vessel can produce up to 150,000 b/d per unit, and are also able to store approximately 2 MMbbl of oil each.

The Caratinga FPSO,P-48, started production from well CRT-21, in a water depth of 1,000 m, at 21,700 b/d of 23° API oil. The Barracuda and Caratinga complex production has began through the Barracuda FPSO, P-43, back in December 2004. A total of 32 production and 22 injection wells will be connected to P-43 and P-48. The peak production of each FPSO will occur in July 2005.

02-28-05