P-61 Output Below Expectations

P-61 platform and the P-63 FPSO, in the Para-Terra field, which, in total, is producing 16,000 b/d

Petrobras is having a hard time increasing the production of the Papa-Terra field, which produces ultra-heavy oil in the Campos Basin. On March 16, one year after its installation, the TLWP P-61, first producing unit of its type in Brazil, is producing with only one of the 13 wells called for in the initial E&P plan.

Designed as a hybrid model – using dry and wet completion technology, the Papa-Terra production system faces challenging features and will require total investments of approximately US$ 5.2 billion. The unit is installed in waters 1,200 m deep.

According to the initial projections by Petrobras, Papa-Terra was to have reached peak production in 2015. The system was originally expected to reach a target of around 115,000 bopd and 800,000 m³/d of natural gas.

With three other wells connected to the FPSO P-63, which is also part of Papa-Terra system, the field is producing 16,000 b/d currently with just 2,500 b/d from the well connected to the P-61.

The field is operated by Petrobras (62.5%), in partnership with Chevron (37.5%).

Petrobras would not comment on the this issue by the closing of our report.