Offshore staff

(Brazil)- The Brazilian national energy company Petrobras announced last Friday that it will develop the offshore light crude Golfinho field, which is projected to start production in 2Q 2006. The project, which is being licensed by the federal environmental agency Ibama, will be discussed in a series of public hearings beginning on October 15.

Ahead of these official hearings, Petrobras will meet with the local population in Vitória, the capital of the state Espírito Santo, and other nearby local communities in order to discuss their plans for development.

The Golfinho project will utilize theCapixaba FPSO, which has the capacity to produce 100,000 b/d of oil and 3.5 MMcm of gas. The FPSO is being refurbished in Singapore at a cost of $560 million, and is on target to be delivered to the site before the 2Q 2006 deadline.

Petrobras is also busy finishing the onshore Cacimbas gas processing plant, which will handle the gas coming from Golfinho. FMC Technologies has been hired to supply the subsea pipeline and associated equipment to transport the gas. The Golfinho project is budgeted at $960 million, Petrobras officials have said.

9/26/05