Drilling of 491 Oil Wells and Petrobras's Focus on Eight Production Platforms Heats Up the National E&P Market

Drilling of 491 Oil Wells and Petrobras’s Focus on Eight Production Platforms Heats Up the National E&P Market

Written by Paulo Nogueira

Published on 14/10/2020 at 09:57

Updated on 14/10/2020 at 10:11

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The Drilling of 345 Onshore Wells and 146 Offshore Wells is Planned by 2021 Among Private Companies and Petrobras Activities, Despite Concerns About the State’s Investment Reductions

Petrobras has kicked off the drilling campaign for a key well in the Búzios field, the asset (9-BUZ-48D-RJS), which has a depth of about 1,880m, according to official information from the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

35% of the state’s E&P investments will be absorbed by the Búzios field, marking its largest development plan for 2021-2025 with a projected budget of between US $ 40-50 billion.

The pre-salt asset was produced through four FPSOs at 758Mboe/d (million barrels of oil equivalent per day) in August, according to the latest data from the ANP. It is the second largest field in Brazil, second only to Tupi (formerly Lula).

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Current Drilling Overview in Brazil

The ANP reported that 18 exploratory wells are active, six of which are offshore. In addition to the new Búzios well, Petrobras is also drilling in block CM-657 and the fields of Marlim , Albacora (Campos basin), and Sépia and Tupi (Santos).

Meanwhile, private companies BGM, Imetame, Eneva, Great Energy, and Petrosynergy are drilling in the basins of Espírito Santo, Parnaíba, Recôncavo, and Potiguar.

The ANP projects 29 exploratory wells to be drilled this year, 10 of which are offshore, requiring investments of R $ 3.9 billion (US $ 690 million), while 19 onshore wells are budgeted at R $ 417 million.

In terms of production development drilling, the watchdog forecasts 207 wells to be drilled this year (72 offshore), a slight increase from the 204 drilled in 2019. For 2021, 284 wells are expected (74 offshore).

Total investments in drilling are expected to reach 16.2 billion reais in 2020 (15.8 billion reais offshore) and 14.4 billion reais in 2021 (13.8 billion offshore), according to the ANP.

Petrobras, IOCs, and Others

One concern, however, is the reduction in Petrobras’s exploration investments, from US $ 11.5 billion projected in its business plan 2020-24 to US $ 7 billion in the 2021-25 period.

On the other hand, commitment indicators (IOCs) suggest that ExxonMobil in the Santos and/or Campos and Sergipe basins, Premier Oil (Ceará), and Karoon (Santos) are expected to start offshore drilling campaigns next year.

Focusing on mature offshore assets, PetroRio, Trident Energy, Perenco, BW Offshore, and Ouro Preto Óleo e Gás may conduct revitalization campaigns in the Campos basin fields of Polvo, Tubarão Martelo, Pampo/Enchova, Maromba, and Pescada, Arabaiana, and Dentada.

Onshore, small and medium companies like Karavan Oil, Eagle Exploration, 3R Petroleum, and Central Resources do Brasil are committed to recovering more oil from fields acquired from Petrobras.

“There should be a gradual resumption of drilling, especially in the pre-salt areas, as well as in the concession areas alienated by Petrobras,” said Paulo Fernando Melo of PFM Associados to BNamericas.

“Regarding the onshore segment, activity may increase if the price of a barrel of oil remains stable or rises, along with support from the [federal onshore program] Reate,” he added.

During the Oil and Gas Conference in Mossoró, which will take place from November 24 to 26 in Rio Grande do Norte, the Ministry of Mines and Energy will hold a “Reate Table” meeting with private entities to discuss the main challenges of the onshore segment.

Anabal dos Santos Júnior, executive secretary of the association of independent producers Abpip, believes that the main onshore activities in 2021 will be the revitalization of old Petrobras fields.

“In the following year, I expect oil companies to start building their campaigns, both onshore and offshore,” he told BNamericas.

Drilling of 491 Oil Wells and Petrobras’s Focus on Eight Production Platforms Heats Up the National E&P Market

The Drilling of 345 Onshore Wells and 146 Offshore Wells is Planned by 2021 Among Private Companies and Petrobras Activities, Despite Concerns About the State’s Investment Reductions

Current Drilling Overview in Brazil

Petrobras, IOCs, and Others

Diagnostic test

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Drilling of 491 Oil Wells and Petrobras’s Focus on Eight Production Platforms Heats Up the National E&P Market

The Drilling of 345 Onshore Wells and 146 Offshore Wells is Planned by 2021 Among Private Companies and Petrobras Activities, Despite Concerns About the State’s Investment Reductions

Current Drilling Overview in Brazil

Petrobras, IOCs, and Others

Diagnostic test

Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state wants to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state aims to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

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Tire road? Thousands of shredded tires were secretly placed under a ramp in California, preventing a one-year delay in a project on weak soil and supporting a 26-foot-high structure in a corridor connected to I-880.

Brazilian giant expands borders in the Southeast: Petrobras confirms new oil discovery in ultra-deep waters in the pre-salt of the Campos Basin.

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