Cottonwood Field First Deepwater Production by Petrobras Outside Brazil
(Houston) – Petrobras (NYSE: PBR/PBRA), a Brazilian international energy company, through its wholly owned subsidiary Petrobras America Inc. today announced that the first well of the new Cottonwood field has been brought online yesterday. The gas flowrate is being increased initially to 40 million standard cubic feet per day (1.1 million cubic meters per day). A second well will also start production in February, raising the field production to 70 million standard cubic feet of natural gas per day (2.0 million cubic meters per day), combined with oil condensate production that will take the field production to 20,000 barrels of oil equivalent per day.
The Cottonwood field is located in the Garden Banks quadrant, block 244, in the U.S. sector of the Gulf of Mexico in water depth of 670m. The field lies roughly equidistant between Houston and New Orleans, 138 miles off the Texas coast.
This is the first field in deep waters developed and put into production by Petrobras, as operator, outside of Brazil. Petrobras America is currently engaged in extensive exploration and development in various Gulf of Mexico deepwater sites.
The Cottonwood project team includes specialists from Petrobras Brazil in conjunction with Petrobras America, combining the extensive offshore experience and cutting-edge technology of the company with the best practices in the Gulf of Mexico. Notably, production in Cottonwood started within less than one year from approval by the Petrobras board of directors.
Petrobras is the operator with 100 percent of the project.
Petrobras is the world’s seventh-largest publicly traded oil company, with total global daily production of 2.3 million barrels of oil equivalent a day. Due to Petrobras’ pioneering exploration work, Brazil is currently self-sufficient in oil, producing enough oil domestically to meet yearly demand.
Petrobras is listed in the Dow Jones Sustainability Index, one of 13 oil & gas companies to be included in this leading measure of corporate sustainability.
Petrobras America, headquartered in Houston, TX, has a strong portfolio of exploration prospects in American waters of the Gulf of Mexico.
Petrobras America owns 50% of Pasadena Refinery System Inc., capable of processing 100,000 barrels per day of crude oil. Petrobras America plans a significant increase in oil and gas production over the next decade, focused on very deep reservoirs and on deep waters in the Gulf of Mexico.
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