MADRID -- The Spanish oil group Repsol said Tuesday that a consortium which includes Petrobras, Sinopec and BG Group had launched commercial operations at a promising offshore site in Brazil, forecasting daily output of more than 120,000 barrels per day within the next 18 months.
"The Guara-1 well, with a daily production potential of more than 25,000 barrels of high quality oil, is the first well of the Sapinhoa field to be connected to the Cidade de Sao Paulo platform," a statement said.
"In the next 18 months the platform will reach its daily production peak of 120,000 barrels, followed by the next development phase that will be completed with the installation of a second platform," it added.
The field is being operated by a consortium in which Petrobras owns 45%, Repsol and Sinopec together own 25%, and BG Group owns 30%.
"Sapinhoa is one of Brazil’s largest oil fields, with estimated reserves of 2.1 billion barrels of high quality oil," the statement said.
Most of Repsol's activities in nearby Argentina were expropriated by the government of President Cristina Kirchner in April, and the Spanish group has since turned its focus to Brazil and the United States.
Copyright Agence France-Presse, 2013
