Statoil Reduces Costs of the 2nd Phase of the Peregrino Field

Source: Reuters 10/26/2015, Location: South America

Norwegian oil company Statoil were able to reduce costs of the second development phase of the Peregrino field in the Campos Basin, after a deck design of the restructuring to be installed in the area but the measure could delay a little production, said a company executive.

Oil companies from around the world are seeking to reduce investment and cut costs to meet the low oil barrel prices.

The setting, however, also contributed to a reduction of contract prices with the supplier industry, which is facing a reduction in demand for equipment and services, said the vice president of public relations and company spokesman in Brazil, Mauro Andrade.

Hiring platform for Pilgrim, unique field of Norwegian production in Brazil, was approved by the company's Board late last year, but should only occur in 2016, according to Andrade.

"The final number is out now and can not say yet, but we managed to make a cost reduction that was our goal," the executive told reporters after attending an industry event at GE's research center in Brazil , In Rio de Janeiro city.

However, the beginning of the production platform, previously scheduled for 2019, could "go a little further forward," which can disrupt the company's earnings from the project.

"I approve a project with a production date, every time I take her forward, the net present value of that project then decreases have to have a very good market condition," he said.

Andrade said the start date of the unit production will depend on variables such as the speed of hiring, the delivery date of the platform and also the sea conditions for installation on site. The platform to be hired will be fixed with a probe of an integrated drilling, and will have a production capacity of between 40,000 and 45,000 barrels per day of oil. It will be the third fixed platform of Statoil in Peregrino.

The Norwegian is the Pilgrim operator with 60 percent interest, and its partner the Chinese Sinochem, which holds the remaining 40 percent.


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