Petrobras Eyes Bigger FPSO Output; Glencore Sets $13.3 Billion Argentina Copper Investment

Brazil’s state-controlled oil company Petrobras is negotiating with vessel operators SBM Offshore and Modec to lift production limits on three floating production, storage and off-loading units. Exploration and Production chief Sylvia dos Anjos said the Almirante Tamandare platform in the Búzios field could rise to 250,000 barrels a day, up from the 225,000 bpd achieved last week. Petrobras is also reviewing output gains at the Marechal Duque de Caxias unit in the Santos Basin and a third, unnamed FPSO, citing “good will” from contractors to amend existing contracts. In a separate move in the region’s resource sector, Glencore filed applications to bring two Argentine copper projects—El Pachón in San Juan and Agua Rica (MARA) in Catamarca—into the country’s Incentive Regime for Large Investments. The commodities group foresees capital spending of US$9.5 billion for El Pachón’s first phase and US$4 billion for Agua Rica over the next decade, for a combined US$13.3 billion. Glencore estimates the developments could create more than 10,000 construction jobs and 2,500 permanent positions once operations begin, contingent on approval under the new investment framework.