Petrobras output to peak at 1.7mb/d in Dec.

Brazil's federal energy company Petrobras (NYSE: PBR) will end 2004 with oil output at a peak of 1.7 million barrels of oil a day (mb/d), as new floating production, storage and offloading vessels (FPSOs) start operations. The average daily production is seen at 1.57mb/d for the second half of 2004, up from the first half average of 1.54mb/d. The P-43 FPSO hulls are currently being fitted in Rio de Janeiro and should be taken to the Barracuda field on October 9, local press reported. Production should start in November. By the end of 2005, the company's output should further rise to 1.78md/d as other platforms and FPSOs start production. The next to come on line will be the P-48, which is reportedly scheduled to start production January 15, 2005.