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With New Recovery Technologies and Low Production Costs for Petrobras, Amazon Production Will Be Strategic for the State-Owned Company for Many More Years
Petrobras has just announced good news for the population of the capital Manaus and consequently, its per capita economy. The largest onshore oil and natural gas reserve in Brazil, in the city of Coari, Urucu, located about 365 km from Manaus, will still have production for another 30 years, thanks to technological investments to reduce production costs and increase the recovery factor.
This is a natural phenomenon that occurs in all oil fields around the world, the so-called “mature fields,” when production experiences a natural decline due to years of exploitation of that asset. Gilberto Hosokawa, General Manager of UO-AM, says there is an amortization in this decline factor, which will allow for production for at least another 30 years at Urucu, he claims.
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Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.
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Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.
Gilberto Hosokawa, General Manager of UO-AM Petrobras
According to the National Agency of Petroleum, Natural Gas and Biofuels (ANP), the peak of total production in Amazonas in 2004 was 16 million barrels, and by 2017 this number had fallen to 7.74 million, over a 50% drop. The concession for Petrobras to operate in the region goes until 2025, but with these new recovery factor estimates for another 30 years, contracts will be realigned according to need.
It is worth noting that Urucu has the lowest production costs for oil for Petrobras, in addition to good oil quality. Another important point is its strategic location, which facilitates supplying LPG to the states of Roraima, Rondônia, Maranhão, Piauí, and Ceará, emphasizes Hosokawa.
This new fact aligns with the news we posted here on the bidding portal that Halliburton and Schlumberger were (or are still) competing for, launched by Petrobras to present technologies for revitalizing onshore fields. They are among the few in Brazil and the world with the technological expertise to increase the recovery factors of any onshore oil asset.
Schlumberger and Halliburton in the Competition for the Bid Launched by Petrobras
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