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Petrobras is betting heavily on revitalizing the Campos Basin, investing R$130 billion in technology, sustainability and the creation of 25 jobs. But the challenge on the Equatorial Margin is still controversial, with environmental obstacles and social pressure. Find out how this billion-dollar plan could transform the future of oil in Brazil!
The Campos Basin, an icon of the Brazilian oil industry, is about to be the stage for a historic revolution.
With an ambitious plan that promises to impact the entire economy of the North of Rio de Janeiro, Petrobras announced a billion-dollar investment to revitalize the region, bringing with it technological advances, job creation and a focus on environmental sustainability.
However, there is much more behind this project than just the numbers.
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What makes Petrobras invest so much in a place where production was already showing signs of decline?
What is at stake in this bold strategy to recover assets considered mature?
And how does the company position itself in relation to the environmental pressures and regulatory challenges surrounding another great potential: the Equatorial Margin?
Discover how this ambitious plan is shaping the future of oil in Brazil.
Petrobras bets R$130 billion and promises 25 thousand jobs by 2029
Petrobras announced an unprecedented revitalization plan for the Campos Basin, one of the most important regions in the history of Brazilian oil.
By 2028, the state-owned company intends to invest US$22 billion (around R$130 billion at the current exchange rate), with the aim of increasing production and, simultaneously, creating 25 thousand direct and indirect jobs by 2029.
This investment will be used to drill new wells, intervene in fields that are already in operation and install modern platforms to replace old structures.
According to Petrobras, this is the largest global project to recover mature fields in deep waters.
The company stated that four new platforms will be installed in the coming years in the Jubarte, Albacora, Barracuda-Caratinga and Raias Manta and Pintada fields, located in the Campos Basin.
In addition, Petrobras announced the replacement of nine old platforms with two platform ships, known as FPSOs, with greater operational efficiency.
The history of the Campos Basin
The Campos Basin, which stretches between Espírito Santo and the northern coast of Rio de Janeiro, played an essential role in the growth of oil production in Brazil.
Its first commercial field, called Garoupa, was discovered in 1974.
Subsequently, significant discoveries such as the Albacora field (in 1984), the first in deep waters, consolidated the region's strategic position.
Although its peak occurred in 2009, with a production of 1,65 million barrels of oil per day, the basin has suffered a gradual decline in recent years.
Currently, production represents around 16% of the national total, behind the Santos Basin, which dominates with 81% thanks to the pre-salt.
Even so, Petrobras believes that the new investments can ensure a daily production of 600 thousand barrels by 2028.
Sustainability and technological innovation
Another major highlight of this revitalization project is the commitment to reducing carbon emissions.
Petrobras has committed to reducing emissions by 55% in modernized operations.
The strategy involves the use of advanced technologies, such as carbon capture and storage, and renewable energy sources for electrification.
In addition, the state-owned company has established strategic partnerships to implement these decarbonization technologies in both new and old fields.
Alex Murteira, Petrobras general manager in the Campos Basin, highlighted the relevance of the project:
“This is the largest initiative to revitalize mature fields in the world, reaffirming the pioneering role of the Campos Basin in innovation and the development of deep-water technologies.”
The environmental impasse on the Equatorial Margin
While moving forward with the revitalization of the Campos Basin, Petrobras faces a significant challenge on the Equatorial Margin, a maritime strip between Rio Grande do Norte and Amapá, considered the “new pre-salt” due to its estimated potential of 10 billion barrels.
Despite the promise, the project is still stalled due to the lack of an environmental license.
Petrobras is awaiting approval from Ibama, but faces resistance due to concerns about leaks that could threaten sensitive biomes and indigenous and riverside communities.
In September, Ibama's technical area recommended archiving the license request for exploration in block FZA-M-59, in Foz do Amazonas.
The president of the organization, Rodrigo Agostinho, chose not to archive the process, but he also did not approve the project.
The state-owned company remains optimistic, promising to deliver a detailed emergency plan to avoid environmental damage.
Sylvia dos Anjos, Petrobras' director of Exploration and Production, said that once the license is approved, exploration could begin in just three months.
A new era for Brazilian oil?
With the largest investment ever made in mature fields and the promise of job creation, Petrobras seeks to strengthen its position in the international marketto meet the growing internal demand. But the challenges are not small.
The revitalization of the Campos Basin brings hope of economic recovery to the North of Rio de Janeiro, but also raises questions about long-term sustainability and environmental impacts.
Now, the question remains: Do you believe that Brazil can balance economic development with environmental preservation in its oil projects?
