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Pioneiro de Libra Leads the Pack

Dec. 8, 2017

The floating, production, storage and offloading unit (FPSO), Pioneiro de Libra, made headlines in November,  kicking of  the start of the Libra oilfield, the second to be developed in Brazil’s pre-salt area, with about 50,000 b/d of capacity.  Additional crude supply is expected from the Lula and Campos fields with a 150,000 b/d FPSO and 30,000 b/d smaller project on track to begin in the first quarter of 2018.  These new projects coupled with ramp-ups at the P66 150,000 b/d platform, additional crude production is expected to be 160,000 b/d in the first quarter of 2018.  Through the remainder of 2018, another 450,000 b/d worth of project  are  on track to begin operation, which, when combined with high declines rates in mature oil fields, is likely to boost total Brazilian crude and condensate output by over 210,000 b/d, up 6.5% year-on-year.  On this basis, we expect the Brazilian export market to continue its growth and provide more cargo opportunities and utilization to VLCC/Suezmax owners, amid long-haul voyages to the East.