Petrobras Reports That Pre-Salt Reached Lowest Extraction Cost Ever

Written by Renato Oliveira

Published on 05/08/2019 at 11:29

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Pre-Salt Extraction Costs Surpass Those of Other Assets, Significantly Contributing to Petrobras’ National Production

As Click Oil and Gas has already reported, Petrobras recorded its highest quarterly profit in history and the company announced in a statement last Friday (08/02) that the expenses for oil extraction in the pre-salt layer reached the lowest level in history, at US$ 6 per barrel of oil equivalent (boe – oil plus gas).
In addition to being the main Brazilian producer, the pre-salt has the lowest costs compared to other assets located in shallow, deep waters and onshore.

Petrobras’ statement also noted that extracting oil from deepwater fields costs more than double that of the pre-salt, amounting to US$ 13.6 per barrel.
Extraction costs in shallow waters are the highest, at US$ 31.6, and onshore (land) costs US$ 19.5 per barrel; averaging the extraction costs of oil and gas by asset location, Petrobras spends US$ 10.4 per barrel.

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Pre-Salt is Production Leader

To illustrate the importance of the pre-salt for Petrobras and Brazil, in the second quarter of this year, pre-salt production accounted for 55% of all oil and gas extraction by the company.

Deepwater fields took second place with 33%, while third place goes to onshore fields, which accounted for
9%, and shallow water fields come in last, with 3% of national production.

In the second quarter, the period between April and June, national production rose 12.8% compared to the first quarter, reaching 1.41 million barrels of oil equivalent per day.

Petrobras Reports That Pre-Salt Reached Lowest Extraction Cost Ever

Pre-Salt Extraction Costs Surpass Those of Other Assets, Significantly Contributing to Petrobras’ National Production

Pre-Salt is Production Leader

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