Petrobras says it will buy $353 million P-71 platform for Itapu field

FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo/File Photo/File Photo

SAO PAULO (Reuters) - Brazil's state-run oil firm Petrobras PETR4.SA said on Tuesday it had agreed to buy the P-71 platform for $353 million, adding the purchase should allow it to start producing oil from its Itapu field in about one year.

The platform is in the final stage of construction in the southern state of Espírito Santo. The platform was originally scheduled for the Tupi field, which will have a new development plan agreed with the partners in the project, Shell RDSa.L (25% stake) and Petrogal (10%).

Petrobras said the decision was taken after the “transfer of rights” auction in late 2019, when the production rights of the Itapu field came to be wholly owned by Petrobras.

Reporting by Roberto Samora; Editing by David Gregorio