Brazilian state-run energy giant, Petroleo Brasileiro SA or Petrobras (PBR - Free Report) has completed the P-55 platform, moving a step toward its goal of increasing production.
Post necessary tests and certifications, the vessel left the Rio Grande Shipyard on Oct 6. The 52,000-ton semi-submersible set sail for its destination, the Roncador fields in the Campos Basin, in Rio de Janeiro.
In about 12 days, the semi-submersible platform is expected to reach its destination, where it will encounter a water depth of 1800 meters. It will be connected to 17 wells of which 11 are producers and the remaining are water injectors. Oil and natural gas will be transported through submarine pipelines.
The platform has a production capacity of 180,000 barrels of oil and can treat 4 million cubic meters of gas per day. It is one of the nine platforms that are expected to contribute to production in 2013.
The P-55 is the largest semi-submersible platform built in Brazil and is counted among the world’s largest semi-submersible rigs.
Headquartered in Rio de Janeiro, Petrobras is the largest integrated energy firm in Brazil and one of the largest in Latin America. Petrobras operates in 6 different segments, Exploration and Production, Refining, Transportation and Marketing, Distribution, Gas and Power, Biofuels and International.
Petrobras currently holds a Zacks Rank #3 (Hold), implying that it is expected to perform in line with the broader U.S. equity market over the next one to three months.
Meanwhile, one can consider other stocks in the energy sector such as Dril-Quip, Inc. (DRQ - Free Report) , Stone Energy Corp. (SGY - Free Report) and Kinder Morgan, Inc. (KMI - Free Report) as good investment options. These stocks currently sport a Zacks Rank #1 (Strong Buy).