Mature Oil Fields Could Attract $15 Billion in Investments for Revitalization

Written by Roberta Souza

Published on 18/04/2021 at 15:15

Updated on 27/04/2021 at 16:22

Plataforma na Bacia de Campos/ Fonte: Petrobras

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The Revitalization of Mature Oil Fields in Brazil Can Attract High Investments; Federal Government Can Raise About US$ 2.5 Billion

The mature oil fields in Brazil can attract US$ 15 billion in investments for revitalization over the next 5 years. Participants in the 1st Promar Workshop – Revitalization and Incentive Program for Mature Fields – stated that for these investments to occur, the Federal Government needs to provide regulatory and tax conditions. If approved, the investments are expected to yield US$ 2.5 billion for the Brazilian government.

Revitalization Program for Mature Oil Fields

The Promar, which is currently under public consultation, aims to increase oil recovery, create jobs, maintain local goods and services, and improve conditions for the economic exploration of oil and gas. The Campos Basin will be the main site for revitalization – an area that has seen a significant decline of 55% in oil production over the past six years.

José Mauro Coelho, Secretary of Oil, Natural Gas and Biofuels at the Ministry of Mines and Energy, stated that if the necessary revitalizations do not occur in the mature oil fields, production will continue to decrease and will economically impact states and cities. Therefore, such investments must be made.

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Announcement of Investments in the Campos Basin

Ricardo Pereira, Executive Manager of Shallow Waters and Lands at Petrobras, confirmed that the company is part of the Promar and will invest US$ 13 billion in the Campos Basin over the next five years.

During the Workshop, it was mentioned that with the revitalization program for mature oil fields, foreign and domestic companies can be attracted. The President of the EPE – Energy Research Company, Thiago Barral, said that Promar has the advantage of attracting new players. According to him, these mature oil fields in other countries are valued.

Cristina Pinho, President of the Brazilian Institute of Oil and Natural Gas (IBP), says that the revitalization program should promote good competition in the market, and the motto of Promar can be the sustainability of operations. She notes that they need a competitive and sustainable oil industry and aim to make the Brazilian oil industry a leader in sustainability. This requires a regulatory and tax environment.

1st Promar Workshop

Held on April 15 and 16 by the Ministry of Mines and Energy (MME) and IBP, the Revitalization and Production Incentive Program Workshop for Mature Fields seeks to improve the economic utilization of oil and natural gas. This event fostered discussions and contributions for the revitalization of mature oil fields, aiming at job creation, income, and wealth for the country.

Government bodies, companies directly linked to the oil and gas sector participated and discussed decommissioning, government participation, marginal economic efficiency, professional training, R&D, environmental issues, and extending the useful life of mature oil fields.

Rodolfo Sabóia, Director General of ANP, emphasized the importance of the revitalization of mature oil fields. He also highlighted that it is not only about facilitating new investments in the area but also about making investments in sub-commercial discoveries.

Check below the two days of the Revitalization and Production Incentive Program for Mature Oil Fields that took place on April 15 and 16, via YouTube.

Mature Oil Fields Could Attract $15 Billion in Investments for Revitalization

The Revitalization of Mature Oil Fields in Brazil Can Attract High Investments; Federal Government Can Raise About US$ 2.5 Billion

Revitalization Program for Mature Oil Fields

Announcement of Investments in the Campos Basin

1st Promar Workshop

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Mature Oil Fields Could Attract $15 Billion in Investments for Revitalization

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