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Lula ushers in Brazil's era of oil independence
AFP
RIO DE JANEIRO
Petroleumworld.com 04 22 06Brazilian President Luiz Inacio Lula da Silva on Friday declared Brazil's oil independence, pressing a button to start oil extraction at a drilling platform off the coast near Rio de Janeiro.
As crude prices explode on the world market, the inauguration of the P-50 platform -- which will extract 180,000 barrels a day -- will eventually allow Brazil to reach an average production level of 1.91 million barrels a day later this year, a level just above that of the country's oil consumption.
Located in the Campos Basin, some 120 kilometers (75 miles) off the coast of Rio, the 634-million-dollar platform is as tall as an 18-storey building and weighs 77,000 tonnes.
Lula's government chose to kick off the oil production on Friday because it is a holiday honoring Tiradentes, Brazil's martyr for independence.
"The P-50 platform brings not just independence to Petrobras but much pride to Brazil," gushed full-page ads in the Brazilian dailies, welcoming the launch by Brazil's state-owned oil firm.
Television ads, costing some 14 million dollars, also touted the new project.
AFP 04 21 06 1659 GMTCopyright © 1994-2006 Agence France-Presse. All Rights Reserved.
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