Petrobras (PETR3; PETR4) intends to triple its oil production, and also signed yesterday an addendum with Nova Transportadora do Sudeste (NTS) in order to reduce the flexibility of the natural gas transportation contract.
In relation to production, the move concerns the Búzios Field, in the Santos Basin pre-salt. There, it intends to reach two million barrels per day (bpd) by the end of the decade.
The oil company had already reported record production in that asset, when in June it obtained 616,000 barrels per day. The 1.4 million bpd expansion planned for Búzios will represent a 50% increase in current Brazilian oil production.
A survey carried out by Valor Econômico newspaper informs that the country’s daily production in June was 2.828 million barrels of oil and 133 million cubic meters of gas, totaling 3.664 MMboe/d (million barrels of oil equivalent per day). The pre-salt production accounted for 75.3% of the total, according to the National Agency of Petroleum, Natural Gas, and Biofuels (ANP).
Petrobras is the exclusive operator in Búzios, with 92.6% stake in the capital, with Chinese partners CNOOC and CNODC with 3.7% each, and the estimate refers to the investment plan for the 2023 to 2027 period.
The company intends to maintain priority on the expansion of pre-salt exploration.
Petrobras (PETR4) and Sembcorp Marine Rigs & Floaters
Petrobras (PETR4) signed today a contract with Sembcorp Marine Rigs & Floaters for the construction of the P-82 platform, as a result of the advance of the development project of the Buzios field, in the pre-salt of Santos Basin. The information was disclosed via document to the market.
The P-82 will be an FPSO and will be able to produce up to 225,000 barrels of oil per day, process up to 12 million cubic meters of gas per day, and store more than 1.6 million barrels.
The project foresees the interconnection of 16 wells, 9 of them producers and 7 injectors, and the platform is scheduled to start operating in 2026, and will be the 10th platform to be installed in the Búzios field.
The P-82 will be the 29th unit to start production in the pre-salt and is part of Petrobras’ new generation of platforms, which are characterized by their high production capacity and by their innovative low-carbon technologies.
The unit will incorporate, for example, the so-called closed flare technology, which increases the use of gas in a safe and sustainable manner and prevents it from being flared into the atmosphere.
Other innovations will be the methane gas detection system, capable of acting to prevent or mitigate the risk of leaks of this compound, and the “digital twins”, which consists of a virtual reproduction of the platform to enable simulations and remote tests before it goes into operation, a factor that aims to increase safety and reliability.
The platform will also be equipped with CCUS technology – Capture, Use, and Geological Storage of CO2. Petrobras is a pioneer in the use of this technology, which allows it to combine increased productivity with reduced carbon emissions.
Petrobras (PETR4) and NTS
According to a document sent to the market yesterday, and reported by Euqueroinvestir.com, the oil company has signed an addendum to the contract with Nova Transportadora do Sudeste (NTS) to reduce the flexibility of the natural gas transportation contract and allow other agents to access the NTS system as of October 1st.
In the document, it said that the flexibilization is in line with the commitment made with the Administrative Council for Economic Defense (Cade) in 2019, which provides for the opening of Brazil’s natural gas market.
It is worth remembering that in May 2021 Petrobras (PETR4) sold its remaining 10% stake in NTS to Nova Infraestrutura Gasodutos for R$1.8 billion.
Ibovespa
On October 4, 2022 the PETR3 share was quoted at R$ 36.01, and the PETR4 share was quoted at R$ 32.18.