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LatinNews Daily - 24 August 2021

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In brief: Petrobras begins production on largest oil vessel

* Brazil’s state-owned oil company, Petrobras, has begun producing oil and natural gas at the floating, production, storage and offloading (FPSO) vessel, Carioca, the largest of its kind in Brazil. The Carioca is now operational in the Sépia oil field, located approximately 280km off the coast of Rio de Janeiro, where it has the capacity to process up to 180,000 barrels of oil per day (bpd) and 6m cubic metres of natural gas. According to a Petrobras statement, this will be the most complex production site in the company’s portfolio, and will produce the greatest amount of oil once peak production is reached. Petrobras expects to invest US$46.5bn in oil and gas production in Brazil until 2025, in partnership with other companies and focussing on 'deep water' oilfields. By 2025 the company plans to have added 12 deep water production systems to the 60 platforms that are already in operation.