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Petrobras expects production lift from new ship deliveries

  • Petrobras (PBR +1.9%) says it expects to receive the first of eight new PLSVs - pipe laying support vessels - this month that could play a key role in increasing oil production this year.
  • The ships are expected to help boost crude oil production by allowing PBR to increase the pace of connecting new wells to existing platforms; the company expects crude oil output to rise 7.5% in 2014, up from 1.93M bbl/day last year.
  • PBR also is finalizing the number of vessels it expects to use at the Libra subsalt field; it expects to use 12-16 platforms at the field, which is estimated to contain recoverable reserves of 8B-12B boe.
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