Brazil's state-owned oil and gas giant Petrobras announced yesterday that construction of its first oil platform has been completed and production is due to start in two weeks.

The P-51 platform, in Angra dos Reis of Rio de Janeiro state, is set to sail to Ilha Grande Bay, where it will be tested and fine tuned before operations begin.

The P-51 is unique in the history of Brazil's naval industry because it is the first platform to be completely built in Brazil and 75 percent of its material was produced domestically, Petrobras said.

The platform, with an investment of US$1 billion, will be anchored in the Marlim Sul field 150 kilometers off the coast at a depth of 1,255 meters.

The platform will be interconnected to 19 wells, 10 oil and gas producers and nine water injectors.

The P-51 can produce up to 180,000 barrels of oil and 6 million cubic meters of natural gas per day.

Petrobras's Exploration and Production Director, Jose Jorge de Moraes, said Tuesday that Petrobras had decided to postpone some projects due to the international financial crisis and low oil prices.

But the company said on its website Wednesday that the project would be carried out as originally planned.