Production of Sapinhoá Norte Early Production System (SPA) Kicks Off, Brazil

Petrobras announces that FPSO Cidade de São Vicente went on stream last Tuesday, February 12, kicking off production of the Sapinhoá Norte Early Production System (SPA), through exploratory well 3-BRSA-788-SPS (3-SPS-69), located in block BM-S-9, in the pre-salt of Santos Basin.

Production will be around 15,000 barrels of oil per day, due to gas utilization limitations and will be extended for a maximum period of six months. The platform is anchored at a water depth of 2,140 meters, 310 km off the coast and the produced oil of medium density (30º API) and high quality, will be transported via relief tankers.

The Sapinhoá Field Development Plan lays out two permanent systems composed of FPSOs Cidade de São Paulo, in production since January 5, 2013 and Cidade de Ilhabela, whose hull is in China and production plant modules are under construction in Brazil. This platform, which has a production capacity of 150,000 barrels of oil per day and 6,000,000 m3/of gas, is expected to go on stream in the second half of 2014.

Sapinhoá Field is one of Brazil’s biggest oil fields, with estimated total recoverable volumes of 2.1 billion barrels of oil equivalent (boe). Commercial production at the field began four and a half years after it was discovered in July 2008.

Block BM-S-9 is operated by Petrobras (45%), in partnership with BG E&P Brasil Ltda (30%) and Repsol Sinopec Brasil S.A. (25%).

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Press Release, February 18, 2013