SAO PAULO Oct 4 Brazilian state-controlled oil
company Petroleo Brasileiro SA confirmed it will
relaunch the process to order a Floating Production Storage
Offloading vessel to explore the presalt area, the company said
in a securities filing Tuesday.
Petrobras said it cancelled a previous FPSO order because it
resulted in prices above those practiced on the international
market, according to the filing.
Petrobras, which together with a group of foreign companies
owns the concession to explore Brazil's offshore subsalt area
known as Libra, expects production to commence in the second
half of 2020 at that site. As a result, Petrobras aims to close
the FPSO order in the first half of 2017, the filing said.
Libra, an area believed to contain 8 billion to 12 billion
barrels of oil under the seabed, is being operated by Petrobras.
The concession is also owned by Royal Dutch Shell Plc,
Total SA, China National Petroleum Co,
CNOOC Ltd and a Brazilian state firm known as PPSA.
(Reporting by Ana Mano; Editing by Lisa Shumaker)