Brazil to maintain leadership in deep water

February 6, 2019

Brazil will continue to dominate global oil and gas production in deep waters, accounting for 40% of the total oil and gas production in this environment by 2025, predicts the Westwood Global Energy Group.

Maintaining the Brazilian position is mainly associated with Petrobras’ business plan, which forecasts production of 2.84 million bopd by 2023, with a compound annual growth rate (CAGR) of 5% in the period.

The Petrobras program calls for the first oil of 13 new platforms: P-68, P-76 and P-77 this year; P-70 in 2020 and Mero 1, Sepia and Búzios 5 in 2021; Parque das Baleias, Mero 2 and Marlim Revitalization 1 in 2022; and Sergipe Águas Profundas, Itaipu and Revitalization of Marlim 2 in 2023.

Private oil companies will also contribute to increased production in the country. The Norwegian Equinor, for example, plans to start production in Carcará, in deep waters of the Santos Basin, between 2023 and 2024.

Another case in point is the French company Total, which is developing the Lapa field, where it currently produces oil from the FPSO Cidade de Caraguatatuba.

According to the Westwood group, global deepwater production will continue to grow in the coming years, with a 49% increase in 2025 compared to 2018 – a period in which more than 1,200 wells will be drilled.

Source: BE Petroleum

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