Brazil’s state oil firm Petrobras expects to begin production from its Tartaruga Verde e Mestica offshore platform in June, according to Reuters.
It will be the second of seven platforms Petrobras plans to install this year as it tries to increase its new oil production after seeing a dip in output.
If all seven platforms are up and running hey could be adding 500,000 barrels per day to the company’s output.
Tartaruga Verde (Green Turtle in English) is located in concession BM-C-36 (block C-M-401) in the post-salt of the Campos Basin, approximately 80 miles of the coast of Rio de Janeiro. It lies at a water depth of 976 metres and a total depth of 2,993 metres.
Petrobras has taken hits to its bottom line and to its reputation in recent years because of the massive bribes-for-inflated-contracts scandal being investigated in Operation Car Wash, a probe that has seen convictions for executives from many companies as well as some of the highest politicians in the land.
The company has been slashing costs and budgets while also divesting assets to help right the balance sheet.