Brazil's Petrobras contracts for 10 FPSOs

RIO DE JANEIRO, Brazil (AP) -- Brazil's state-run oil company says it has approved contracts for 10 new floating production, storage and offloading units.

The units will be used in the massive offshore oil fields discovered in the past few years by Petroleo Brasileiro SA, or Petrobras. It wasn't immediately clear how much money the contracts were worth.

Petrobras says the first two units will be chartered from third parties. Each will have a daily production capacity of 100,000 barrels and will be in place by 2014.

The remaining eight units will be owned by Petrobras and will be able to process up to 120,000 barrels a day. The company says they will be in place by 2016.

Some analysts say Brazil's offshore reserves could contain 55 billion barrels of oil -- an amount that would catapult Brazil to superpower oil status.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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