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Petrobras Plans to Start Production From Agbami Field in July

07-01-2008

Petrobras will start oil production from Agbami field offshore Nigeria in mid July. The consortium consists of Total and Chevron-Texaxo.

Currently rated at 100,000 barrels per day (bpd), the Agbami oil field is expected to yield 250,000 bpd next year, one third of which belongs to Petrobras, a company statement said.

Since 1998, when Agbami was first discovered, Petrobras has invested some 2.2 billion dollars in Nigeria, with an additional 1.4 billion dollars expected by 2013. It also has stakes in two other oil fields in the west African nation.

The Petrobras/Total/Chevron-Texaco consortium expects Nigeria's Akpo oil field to kick in next year with 185,000 bpd.

Petrobras said it plans to invest some 15 billion dollars from 2008 to 2012 in foreign oil ventures.

Currently, it has invested 6.6 billion dollars in 23 countries and extracts some 200,000 bpd of oil in eight countries including Angola, Argentina, Bolivia, Colombia, Ecuador, Peru, the United States and Venezuela.