Norwegian producer Norsk Hydro and its partner, US independent Anadarko, have delivered a declaration of commerciality for the Peregrino oilfield, in Brazil's Campos basin, to the country's National Petroleum Agency (ANP).Hydro's Brazil boss Kjetil Solbraekke said: “The project is now moving forward, and the partnership intends to sanction the development by the end of this month."
Peregrino lies 85 kilometres off Brazil's coast in about 100 metres of water. The field's recoverable reserves are estimated at between 300 million and 600 million barrels of heavy oil.
Hydro and Anadarko, who will now take over operatorship of the field, will develop Peregrino via a floating production, storage and offloading vessel and two drilling platforms.
The pair will drill 30 horizontal production wells and seven water injection wells, with first oil scheduled for 2010.
The development was given the green light by Hydro's board on 12 March.
Hydro and Anadarko both hold 50% stakes in the project. (Upstream)
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