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Petrobras to launch world’s first floating oil terminal

29th August 2012

The state-owned energy giant’s floating oil terminal will store oil on the high seas and decrease operational costs

Petrobras to launch world’s first floating oil terminal
The Transfer and Storage Offshore Unit (Uote) is currently under construction in China and is set to cost USD 318m

Brazil’s state-led oil and gas giant Petrobras will deploy the world’s first floating oil terminal in the next two years, it emerged on Tuesday, as part of plans to decrease operational costs and further new solutions to export Brazilian oil.

The terminal, called Transfer and Storage Offshore Unit (Uote) will enable the storage of oil on the high seas and its respective transfer to export vessels, Petrobras said in a statement. Currently, crude oil is ferried from offshore rigs to the coast, where it is stored in export tankers, which the firm believes is a process which unnecessarily increases costs.

Uote will sit on a vessel stationed near the drilling rigs, 55 km off Rio de Janeiro. It will be able store a total of 2 million barrels, which roughly equals Brazil’s current daily production. The unit is currently under construction in China and is set to cost USD 318m. Uote is expected to be deployed in June 2014.

“The project was developed due to the need for new logistical solutions to export Brazilian oil,” Petrobras’ statement said.

Brazil, aims to boost its oil production from its current two million barrels a day to nearly five million by 2020. Its vast pre-salt reserves could turn the country into one of the world’s top oil exporters.

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