Petrobras Will Make The Largest Oil Field In The World’s Waters 30% Cheaper

The Monstrous Búzios Field Will Enter the Well Efficiency Program (PEP-70), Focusing on Cost Reduction in Petrobras Operations in the Pre-salt

The Búzios field is Petrobras’ great wildcard in terms of productivity and potential profits; however, the escalation and exploration of the asset must be profitable. Besides Búzios being the deep-water field on the planet, it will require high-end technological applications to reduce operational costs.

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Through investments in engineering, the state-owned company launches the Well Efficiency Program (PEP-70), designed to reduce operational costs in the pre-salt of Búzios by 30%, preserving the company’s cash flow and resilience. Here’s an official excerpt from the press release that CPG received from Petrobras:

“The expected advancement is the progressive reduction of drilling times for wells in Búzios and, consequently, cost reduction. For comparison, the average drilling time for wells in the Búzios field in 2017 was 171 days. In 2020, thanks to the application of new technological solutions, one of the wells was constructed in just 91 days—a 47% reduction in this timeframe, translating into significant savings for the company.

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With the new program, the goal now is to further advance this activity. The initiative is aligned with the company’s strategy for resilience and cash preservation in light of the current decline in Brent prices. “We aim to further increase the resilience of our production development projects in the pre-salt, particularly in Búzios, making them even more competitive in the current environment of falling barrel prices. With lower costs and greater efficiency, our expectation in the coming years is to double the number of wells in this field, reaching around 100 wells, contributing to greater economic viability of the projects,” said Petrobras’ Production Development Director, Rudimar Lorenzatto.

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To achieve the 30% cost savings in this activity, the plan is to optimize the configuration of the wells, streamline operations, as well as incorporate state-of-the-art technologies adapted to the unique conditions of the Búzios field—characterized, for example, by wells with high productivity and reservoirs with high thickness and complex geology, requiring the use of more sophisticated techniques. “The strong integration between the geology, reservoir, supply, and research center areas is fundamental to achieving the PEP-70 goals,” highlights the Executive Manager of Offshore Well Construction, Samuel Miranda.”

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