ANP States That Well Drilling and Seismic Activities Will End the Year with 3.5 Billion Reais in Investments

ANP Report Shows Estimated Investments for 2019 Based on Exploration and Production Contract Data from Operators

According to data from ANP, by the end of this year (2019), the drilling and 2D and 3D seismic research sectors will have received around R$ 3.5 billion.
In August, the average production of oil and natural gas from Petrobras, hit a record of 3 million barrels of oil equivalent per day (boed).

Investments in well drilling and seismic studies this year will translate into production from 2020 onwards, and the expectation of breaking this record will be imminent.

Exactly for this reason, the publication of these investment numbers in exploration by the operators not only brings optimism to the exploration sector, which sees the number of wells to be drilled increasing and contracts with seismic study companies being signed, but also brings the expectation of increased oil production and revenue generation, as well as the long-awaited recovery of the oil and gas industry and the consequent generation of jobs and foreign exchange for the country.

ANP estimates that by December of this year, 39 exploratory wells will be drilled, and regarding seismic research, investments will total R$ 6 million, covering an area of 240 km for 2D studies and R$ 216.3 million for 3D studies covering an area of 9,639 km.

The ANP’s survey is based on data reported by operators regarding their exploration and production contracts.
For better understanding, ANP issued a statement saying: “Due to the uncertainties inherent in the variables considered, as well as the possibility of updates and revisions of these estimates by the operators, there is no guarantee of the realization of the estimates throughout the simulated period.”

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