It remains to be seen what will be the fate of important pre-salt oil and gas projects that are explored by Petrobras in partnership with foreign oil companies
The oil and gas sector was extremely affected by the crisis caused by the coronavirus pandemic, directly impacting projections for the development of new exploration and production (E&P) areas in Brazil and worldwide. Job openings at the Jurong Aracruz shipyard, in Espírito Santo, today, July 20, in the role of Deck Boy and Accounting Analyst
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Until the next semester, Petrobras will inform the market of a review of its future undertakings, deciding the destination of its projects for the sector, which, given the current scenario of the industry and the price of a barrel of oil, the dates may be affected.
According to projections made by Rystad Energy, the financial commitments of oil companies with exploration and production in the oil and gas sector for this year may suffer a drop of 75%. Which represents about US$ 47 billion.
Of this amount, approximately US$ 27 billion will be invested in offshore projects, and the remaining US$ 20 billion will be invested in onshore projects. By way of comparison, the total amount of financial commitments announced last year reached US$197 billion.
According to the analysis by Karan Satwani, energy services analyst at Rystad Energy “Earlier this year, project commitments forecast for 2020 were comparable to 2019, but the industry downturn thanks to Covid-19 has caused commitments to drop sharply. Going forward, we estimate that sanctions will not resume again and will not recover to 2019 levels any time soon.”
In Brazil, it remains to be seen what will be the fate of important pre-salt oil and gas projects that are explored by Petrobras in partnership with foreign oil companies.
Exploration activities in recently auctioned blocks were already defined. This being the case of the Dois Irmãos oil block purchased by the consortium formed by Petrobras, Equinor and BP in the 4th Production Sharing Round. With the start of drilling scheduled for the 1st quarter of 2021.
Another oil block also acquired in the 4th Round, the Jfpsoá in the Três Marias block, whose operator is Petrobras, was scheduled to start drilling in the 1st quarter of 2021.
While Brazil is still waiting for a clear definition of the destination of new projects, a tax exemption package announced by the Norwegian government last month gave relief to oil and gas operators in the country.
