Brazil’s state-controlled oil company, Petroleo Brasileiro SA, and Spain's Repsol YPF SA have announced they are ready to begin production at Brazil's largest oil rig after investing $2 billion in its construction.
According to a statement relased by Respol, the rig is expected to produce 180,000 barrels of oil per day. The rig is approximately 75 miles off the Brazilian coast. The rig will aid Brazil in cutting its dependence on oil imports and boost the reserves of Repsol, which has failed to replace the oil and gas it pumps for the last three years. Repsol owns 10%of the rig, the rest is owned by Petrobras.Petrobas, Repsol Ready To Begin Pumping At New Rig
Brazil’s state-controlled oil company, Petroleo Brasileiro SA, and Spain's Repsol YPF SA have announced they are ready to begin production at Brazil's largest oil rig after investing $2 billion in its construction.
Jun 5, 2006