Owner of world-class assets with high value generation, Petrobras will install three new platforms in the Campos Basin and many job openings will be generated over the next five years

Despite having recently sold the Papa-Terra field to 3R Petroleum, between 2021 and 2025, Petrobras expects to invest US$ 13 billion in businesses in the Campos Basin, mainly for the revitalization of oil fields and promises to generate jobs, taxes, royalties, special participations and dividends. At the same time, companies that acquired fields in the region that were operated by Petrobras have promoted a dynamism in the oil and gas sector and prospects for an increase in local economies.

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At least six new companies started operating in the region, with prospects of leveraging production. Increased production will generate greater returns for society through taxes, royalties, special participation, jobs and dividends. According to data from the Federation of Industries of the State of Rio de Janeiro (firjan), four of the companies that bought assets in the region have already submitted development plans totaling R$13,2 billion.

In order to invest in the revitalization of its fields in the Campos Basin, Petrobras has reallocated investments through active portfolio management, which among its objectives is to be in business compatible with the size of Petrobras. As a result, the company has focused on assets with the potential to generate more value in the medium and long term and the possibility of greater profitability. In the region, this strategic reallocation of investments has already accumulated approximately US$ 3,7 billion obtained with the sale of assets such as 50% of Campo de Tartaruga Verde and Espadarte, Campo de Frade, Polo Pampo, Polo Enchova and Polo Pargo.

Another positive aspect of this strategy is that, with new owners, these assets have received investments to boost production and consequent return to society through taxes and participation. That is, greater production means greater return for society. In the concession regime, government participations are composed of signing bonuses, royalties, special participation and payment for occupation or retention of area in addition to normal taxes on business activities such as ICMS, ISS, PIS, Cofins, IRPJ, CSSL, among others. In 2020, Petrobras paid BRL 32 billion in Government Takes, totaling BRL 244 billion in the last six years.

Three new platforms and 100 oil production wells

World leader in exploration and production in deep and ultra-deep waters, Petrobras currently produces 710 barrels of oil equivalent (boe) per day in the Campos Basin, which represents 25% of oil and gas production in Brazil. There are around 280 producing wells and 29 offshore platforms in operation – producing both in the post-salt and pre-salt layers. It is part of Petrobras' strategy to continue to produce heavily in this important oil basin, and a major renovation plan is underway, with investments already being made and forecast for the coming years. Petrobras has invested US$ 10 billion in the region over the last 53 years, putting more than 270 wells into operation, in addition to 10 new production systems.

Owner of world-class assets with high value generation, Petrobras is going to install three new platforms in the Campos Basin over the next five years. The installation of two platforms in the Marlim field is scheduled for 2023 – with the capacity to produce, together, 150 thousand barrels of oil per day (bpd) and process 560 thousand barrels of liquids per day – and a unit for 2024 for the integrated complex of Parque da Baleias, with the potential to alone produce 100 thousand bpd of oil and process 240 thousand barrels of liquids per day.

In the plan to extend the production of one of the largest oil complexes in deep waters in the industry, the two Marlim platforms will allow the expansion of the production of the deposits until 2048 with the continuous generation of wealth and the maintenance of jobs and support services in the region. The platforms will be connected to 77 wells (14 new and 63 that will be relocated from Production Units that will be decommissioned). The new systems will make it possible to expand the current production of Marlim and Voador to approximately 45 boepd (barrels of oil equivalent per day), offering an important learning and knowledge front for other revitalization projects. The interconnection of around 100 new wells to the production systems already installed in the Campos Basin is also planned. Between 2017 and 2019, Petrobras acquired 14 exploratory blocks, which occupy a total area of ​​12 km² – which is practically equivalent to the extension of a new Campos Basin. Most promising prospects are located in the pre-salt layer of this basin.

Investments in revitalization will provide countless gains not only for Petrobras, but for the entire Brazilian people

The expertise in revitalizing mature fields comes from the knowledge accumulated about these reservoirs in Petrobras' exploratory and production development activities and in the development of technologies, conducted by its highly qualified technical staff. As it progresses, the process will allow learning even more knowledge and acquiring efficiency gains to be implemented in the revitalization of other areas in the future, as this is the dynamic that drives the capital-intensive oil and gas industry and the generation of benefits for societies.

More than extending the useful life of the fields, investments in revitalization will provide countless gains not only for Petrobras, but for society as a whole. In addition to the obvious financial returns provided by the greater production of the fields over time, the robust investments to be made by Petrobras in the revitalization of the Campos Basin will disseminate and extend the impact — such as the movement of economic activity and job creation — that such activities have been generating for decades in municipalities in Rio de Janeiro and in the country.