December 6, 2019
Concerned about the natural decline in the Campos Basin post-salt in contrast to the record highs in pre-salt production, Petrobras announced this week through its exploration and production director Carlos Alberto Pereira de Oliveira that it will invest 21 billion dollars for the next 4 years.
The investments would aim to try to compensate for losses in the region, as well as “maintain the production curve support” of the Campos Basin, where Petrobras produces about 980,000 barrels of oil a day. and natural gas.
Currently, half of the production comes from pre-salt and the other half from post-salt, but pre-salt volumes are rising year by year, according to data from the National Agency of Oil, Natural Gas and Biofuels (ANP).
Also according to the ANP, Petrobras production in the Campos Basin post-salt has plummeted by almost half this decade, dropping from 1 million boed in 2011 to approximately 530,000 boed this year.
“We are currently investing heavily in an operational efficiency improvement program. So we have seen some [platform] operations that end up having to stop to upgrade (efficiency improvements). We have a schedule that consists of a series of initiatives that we have been developing in 2019 and that will be accentuated over the years, ”the Petrobras executive told Valor newspaper during an investor conference call.
Petrobras’ investment acceleration project in the Campos Basin ranges from the entry of two new platforms for the revitalization of the Marlim field to the drilling of 87 new wells in the basin.
At the same time, the Brazilian oil company keeps its divestment program active, to sell less profitable assets in the area, as has happened with the sales of the Pargo, Pampo and Enchova hubs, as well as the Maromba field, which yielded to the company U$ 1.34 billion contracts.
According to Petrobras’ director of production exploration, interventions for the Campos Basin’s production recovery should increase the company’s extraction cost for its deepwater post salt assets, which are currently at $ 13 a barrel.
“We will initially see a lower performance, but expecting to improve future performance. We hope to recompose the production, ”said Carlos Alberto Pereira de Oliveira.
In addition to its concern with the recovery of current production, Petrobras intends to intensify, in the coming years, investments in the exploration of the Campos Basin, in search of new discoveries.
According to Valor’s report, the company will campaign in the auctioned blocks of the last 2 years, but will also seek to drill the pre-salt mature fields, which traditionally produce in the post-salt layer, thus preparing a long-term test in the Forno area, discovered in the Albacora concession.
Source: Daily Click