Hydro announced today that the Peregrino oil field partnership in Brazil has submitted its Plan of Development to Agencia Nacional do Petroleo (ANP) in Rio de Janeiro.
“This is an important decision and step forward in the development of this major oil field," says Hydro’s President and CEO Eivind Reiten, who on behalf of the partnership submitted the Plan of Development to the authorities.
"The Peregrino field is Hydro’s first oil and gas commitment in Brazil, and we are proud to have reached this point. An integrated Anadarko-Hydro team has provided a good basis for the further work,” he says.
ANP's sanctioning of the development plan is expected during this summer.
The Peregrino field is located about 85 kilometers offshore Brazil in about 100 meters of water. The recoverable resources are estimated at between 300 million and 600 million barrels of heavy oil.
The field will be developed with an FPSO vessel (Floating Production Storage and Offloading) and two drilling platforms. There will be 30 horizontal production wells and seven water injection wells. The partnership recently announced that the FPSO will be built by AP Møller-Mærsk A/S.
Production start up is planned for 2010.
License holders
- Hydro (operator during the project planning phase) - 50%
- Anadarko (operator during the project execution and operation phases) - 50%