February 19, 2019
According to an executive of the JV with Petrobras, goal is to increase the recovery factor of the largest field in the country
Petrobras should drill at least ten new wells in the Lula field, in the Santos Basin, said Galp’s Upstream Operations director, Thore E. Kristiansen, during a conference with analysts last Tuesday (2/18). According to the executive of the Portuguese oil company, which has a 9.2% stake in Lula, the goal is to increase the asset recovery factor from 34% to 40%.
The country will continue to represent the majority of the company’s production in the next decade, whose growth expected until 2030 is 10% per year.
One of the projects in which Galp is present in Brazil is the Bacalhau field, whose final investment decision must be made this year, with an FPSO already contracted with Modec. The Portuguese company has a 20% stake in the consortium, in partnership with Equinor (operator, with a 40% stake) and ExxonMobil (40%). The first oil in the field is expected to be produced between the end of 2023 and the beginning of 2024.
This year, the company expects the results of the Araucária well, in the Uirapuru block, and the start of production of Atapu I (P-70), both in the Santos Basin.
For the following years, the start of production of Sépia I and an evaluation campaign in Sururu (BM-S-11A) for 2021 are planned; production in West of Lula and in Bacalhau I between 2022 and 2025; and Bacalhau II, Sururu and Jupiter (BM-S-24) from 2025.
Regarding the strike by oil tankers in Brazil, which is already in its 18th day, the president of Galp, Carlos Gomes da Silva, declared that, until now, the strike movement has not impacted the company’s production.