Brazil’s state-owned Petrobras invests US$5.5 billion in exploration activities

RIO DE JANEIRO, BRAZIL – This information was given today (4) by the company’s strategy manager, Eduardo Bordieri, during the panel discussion “Petrobras perspectives on O&G double resilience” at the annual offshore breakfast of the Brazil-Texas Chamber of Commerce (Bratecc) in Houston, Texas, USA.

He said the company’s intensification of exploration efforts was due to recent oil discoveries in the pre-salt region, in the Alto de Cabo Frio Central and Aram areas.

Of the total investment in new exploration areas envisaged in Petrobras’ strategic plan, 58% is for the Southeast basins (including the pre-salt areas), 38% for the Equatorial Margin, and 2% for other areas.

“All Petrobras’ investments are aimed at double resilience: both economic (with a long-term Brent price of US$35, the projects are financially viable) and environmental (low carbon emission projects),” Bordieri explained.

TIME SAVINGS

In his presentation, he highlighted the significant reduction in well construction time in the pre-salt region, while maintaining operational safety. Between 2018 and 2021, the company reduced this period from 100 days to less than 70 days on average.

Petrobras aims to intensify these efforts to achieve a 14% reduction in this period by 2024. The company’s drilling and completion efficiency program will contribute to this, in addition to the use of new, faster, and optimized well configuration models.

Bordieri pointed out that any reduction in well construction time equates to maintaining operational safety and cost reduction associated with value creation.

“To give you an idea, well activity represents about 30% of exploration and production capital expenditures. Therefore, we strive for the best results in this activity by maintaining safety and optimizing the well configuration as quickly and efficiently as possible, always in accordance with industry best safety practices,” he said.

Over the next five years, Petrobras will commission 15 floating production, storage and oil transportation (FPSO) platforms. Of these, ten platform vessels will be deployed in the pre-salt zone and five in the post-salt zone. The company has already commissioned 32 FPSOs in its recent history, a record in the oil industry.

“Petrobras is now a world leader in the operation of FPSOs and will install the most platforms of this type in the next five years, creating added value for our stakeholders,” assured the CEO.

With information from Agencia Brasil