Divestments and Petrobras’s Focus on Deep and Ultra-Deep Waters Heighten Competitiveness and Boost Production in Mature Oil Fields in Brazil, Which Sees the Number of New Operators Rising to 44

Petrobras Boosts Oil Production Scenario in Brazil. Company’s Divestment Strategy Increases Competitiveness and Participation of Other Companies in the Country 

Petrobras’ new strategy, focusing on deep and ultra-deep water assets with substantial reserves and high productivity, has been crucial in boosting competitiveness and increasing production in mature fields in Brazil.

To give an idea, the percentage of mature field concessions operated by other companies in Brazil – not Petrobras – increased from 16% in 2010 to 38% in 2021. During this period, the number of operating companies jumped from 24 to 44.

“These companies have provided momentum to the operation of the divested assets from Petrobras, changing the declining trend of production in these fields,” said the Executive Manager of Deep Waters at Petrobras, César Cunha, on the second day of Rio Oil & Gas.
 
According to the state-owned company, Petrobras’ divestments concentrated in mature oil fields primarily attract smaller companies, specialized in extracting more value from this type of asset, similar to what happens in other basins around the world.

For example, the daily production of Polo Pargo, in the Campos Basin, jumped from 2,500 barrels of oil equivalent (boe) – six months before the divestment was completed – to 5,400 boe/day – after the transaction was concluded. 

Petrobras Will Invest US$ 16 Billion in Revitalizing the Campos Basin

Petrobras reallocates investment to focus on deep and ultra-deep water assets, with substantial reserves and high productivity. “A good example of the reallocation of investments is the Revitalization Plan for the Campos Basin, which received an investment of US$ 16 billion as part of Petrobras’ Strategic Plan. Our forecast is that by 2026 we will have a production of 900,000 boe/day, with 600,000 boe/day coming from new projects,” said the Executive Manager of Deep Waters at Petrobras. 
 
The revitalization of the Campos Basin is part of the largest program of its kind for mature assets in the global offshore industry. With this, Petrobras expects to add more value to the Marlim and Voador fields by installing the FPSOs Anita Garibaldi and Anna Nery, with a combined production capacity of up to 150,000 barrels per day (bpd). The start of operations for both platforms is expected in 2023.
 
An international offshore technology hub and cradle of deep-water production in Brazil, the Campos Basin is responsible for nearly 75% of all oil extracted in offshore environments in the country to date. The region has been a pioneer in innovation and will continue to be for both the decommissioning projects on the radar and the revitalization of mature concessions operated by new companies in the sector.