Production
On April 22, 2009, BW Offshore and Petrobras let up the first crude oil from test well at Lula field. The celebration ceremony for the beginning of production was held aboard the BW Cidade de Sao Vicente floating production, storage and offloading vessel on May 1, 2009. The president was expected to visit, but did not show up. The first producing well will provide output of 14,000 barrels per day (2,200 m3/d) while the second well is expected to produce 15,000 barrels per day (2,400 m3/d). By 2020, Petrobras expects to produce up to 500,000 barrels per day (79,000 m3/d). Full field development may include up to 300 producing and injector wells, with total gross oil production reaching 1,000,000 barrels per day (160,000 m3/d) and 1 billion cubic feet (28 million cubic metres) of gas. The drilling of the first 15 wells has cost $1 billion. It is estimated that the total field cost will come to $50–$100 billion owing to the complexity of the geological formation. Up to 12 FPSOs may be needed for full production at Lula. The fields produces 100,000 barrels a day (January 2013).
Read more about this topic: Tupi Oil Field
Famous quotes containing the word production:
“The problem of culture is seldom grasped correctly. The goal of a culture is not the greatest possible happiness of a people, nor is it the unhindered development of all their talents; instead, culture shows itself in the correct proportion of these developments. Its aim points beyond earthly happiness: the production of great works is the aim of culture.”
—Friedrich Nietzsche (1844–1900)
“An art whose limits depend on a moving image, mass audience, and industrial production is bound to differ from an art whose limits depend on language, a limited audience, and individual creation. In short, the filmed novel, in spite of certain resemblances, will inevitably become a different artistic entity from the novel on which it is based.”
—George Bluestone, U.S. educator, critic. “The Limits of the Novel and the Limits of the Film,” Novels Into Film, Johns Hopkins Press (1957)
“To expect to increase prices and then to maintain them at a higher level by means of a plan which must of necessity increase production while decreasing consumption is to fly in the face of an economic law as well established as any law of nature.”
—Calvin Coolidge (1872–1933)