Start Of Production Sharing For FPSOs P-70 And Carioca Will Impact Petrobras’ Target As State-Owned Company Announces Reduction Of Oil Production To 2.6 Million, Cutting 70,000 Barrels Of Oil Equivalent Per Day

Petrobras Maintains R$ 66 Billion Investment for 2022, Despite Change in Production From 2.7 Million to 2.6 Million Barrels

Petrobras informed in a relevant fact to the market last Friday (14) that it maintains the R$ 66 billion investments but will reduce its production target for 2022. The Brazilian oil giant said it will have a decrease of 70,000 barrels of oil equivalent per day (boed), changing the range from 2.7 million boed to 2.6 million.

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The oil production and commercial production were impacted by about 60,000 barrels per day, “but remained within the same ranges,” namely, 2.1 million and 2.3 million. According to the state-owned company, the change reflects the start of the Production Sharing Agreement in Atapu and Sépia, set to begin in May 2022.

Start of Production Sharing in Atapu and Sépia Will Impact Petrobras’ Production Target

“The start of production sharing for FPSOs P-70 and Carioca, operating in the Atapu and Sépia fields, respectively, will impact Petrobras’ production goal outlined in the 2022-26 Strategic Plan. In 2022, we will see a reduction from 70 Mboed for total oil and gas production, with the range changing from 2.7 million boed to 2.6 million,” said Petrobras in the announcement.

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For Atapu, Petrobras will receive compensation before the gross up, amounting to US$ 1.5 billion, by April 15, 2022. For Sépia, the amount is US$ 2.2 billion, and the payment date is still under negotiation with the consortium. The portion of the bonus owed by Petrobras for the two fields, amounting to R$ 4.2 billion, is scheduled to be paid in Q1 22.

Petrobras Meets Oil Production Targets in 2021

The Highlights of 2021 Were:

• the start of production from FPSO Carioca, the first platform in the Sépia field, in the pre-salt of the Santos Basin;
• the self-production in the pre-salt, which totaled 1.95 MMboed in 2021, representing 70% of Petrobras’ total production;
• the signing and commencement of the co-participation agreement for the Búzios field, which regulates the coexistence of the onerous assignment contract and the production sharing agreement for excess from the onerous assignment for the field;
• the completion of the sale of its entire stake in the maritime fields of Frade, in the Campos Basin, and Lapa, in the pre-salt of the Santos Basin, as well as the land poles Rio Ventura, Miranga, and Remanso, in the state of Bahia, and Cricaré, in the state of Espírito Santo, in addition to the onshore fields of Dó-Ré-Mi and Rabo Branco, in the State of Sergipe;