Brazil's state-run oil firm Petroleo Brasileiro SA (PBR), or Petrobras, anticipates that the hydrocarbon production at its key Tupi oilfield will peak in 10-15 years, Chief Executive Sergio Gabrielli said Monday. Peak production at Tupi will "very likely" be over 200,000 barrels of oil equivalent - or BOE - a day at that point, Gabrielli told Dow Jones Newswires during an interview on the sidelines of the industry's World Energy Congress here.
He added that it's too early to provide a more precise estimate. Last week, Petrobras said it estimates the recoverable volume of oil and gas at the ultra-deep Santos Basin Tupi field at between 5 billion and 8 billion BOE.
That makes Tupi one of the biggest oil discoveries in years outside of countries belonging to the Organization of Petroleum Exporting Countries, comparable in size to the Kashagan oil field in Kazakhstan. Gabrielli noted that indications are that Tupi will produce a large volume of natural gas, as well as relatively light oil, cheaper to refine than that produced in other Petrobras deep-water fields.
Petrobras is Tupi's leading field operator with a 65% stake, and U.K. energy company BG Group PLC (BG.LN) holds another 25% of the field. The remaining 10% stake is controlled by Portugal's Galp Energia SGPS SA (GALP.LB).
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http://www.rigzone.com/news/article.asp?a_id=52788
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