Petrobras said its offshore platform Cidade de Ilhabela started up Thursday in the Santos Basin pre-salt field of Sapinhoa. The Brazilian state-owned energy company set up the offshore platform at a site where the water depth reaches 2,140 m, approximately 310 km off the coast of Sao Paulo state.
The company expects the platform could produce up to 150 thousand barrels of oil per day, compress up to 6 million meters per day of natural gas, store 1.6 million barrels of oil and inject 180 thousand barrels of water per day.
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Separately, TheStreet Ratings team rates PETROBRAS-PETROLEO BRASILIER as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate PETROBRAS-PETROLEO BRASILIER (PBR.A) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."