Petrobras Ready To Pump Oil From Nigeria’s Oil Fields

Brazil’s Petrobras (PBR), an integrated company that performs in oil and oil byproduct exploration, production, refining, marketing, and transportation, both in Brazil and abroad, announced on Saturday, according to AFP – that on July 21, the company will start pumping oil from Nigeria’s offshore Agbami oil field, in partnership with Total and Chevron-Texaco.

Currently rated at 100,000 barrels per day (bpd), the Agbami oil field is expected to yield 250,000 bpd next year, one third of which belongs to Petrobras.

Petrobras has invested some 2.2 billion dollars in Nigeria when Agbami was first discovered in 1998.

Brazil’s State-run Petrobras also plans to invest an additional 1.4 billion dollars expected by 2013. The company also has stakes in two other oil fields in the west African nation.

The Petrobras/Total/Chevron-Texaco consortium expects Nigeria’s Akpo oil field to kick in next year with 185,000 bpd.

Petrobras which currently, has invested 6.6 billion dollars in 23 countries and extracts some 200,000 bpd of oil in eight countries, said it plans to invest some 15 billion dollars from 2008 to 2012 in foreign oil ventures.

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About Ron Haruni 1067 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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