Between January and May 2020, the Union’s share of oil in the pre-salt production sharing contracts reaches 1.5 million barrels

Jul 13, 2020

The Union’s share of oil in the three contracts that are under production sharing regime totaled 1.5 million barrels from January to May this year, an increase of 50% compared to the same period in 2019. The data is from the Monthly Bulletin of Production Sharing Contracts produced by Pre-Sal Petróleo (PPSA), contract manager, and released this Monday, 13. The production of the Mero Development Area (Libra contract), carried out by FPSO Pioneiro de Libra, is the main responsible for this result, followed by Entorno de Sapinhoá and Sudoeste de Tartaruga Verde.

Pioneiro de Libra had its first oil in November 2017, marking the beginning of commercial production in the production sharing regime. Since then, 39.3 million barrels of oil have been produced in the three contracts. The Union’s share accumulated in this period is 6.3 million barrels of oil.

In May, the total daily production (Consortia and Union) of the three contracts was 42 thousand barrels of oil per day (bpd), 22 thousand bpd in the Mero Development Area; 8 thousand bpd in Entorno de Sapinhoá; and 12 thousand bpd in Sudoeste de Tartaruga Verde. The result is 5% higher than that registered in May 2019 (40 thousand bpd) and 25% lower than the production of April 2020.

The drop in relation to April 2020 reflects the procedure for changing the 8-inch oil production line to the 6-inch service line, which took place at the end of April, and the interruption of production at the end of May, due to the meteoceanographic conditions (waves above 4m).

The Union’s daily profit oil was 5,000 bpd in May. The lower result than in April is explained by the reduction in Mero production and the increase in cost recovery in Sapinhoá, which left less oil surplus to be shared.

Natural gas

In May 2020, the total daily production (Consortia and Union) of the two contracts with commercial use of natural gas was 288 thousand m³ / day, of which 201 thousand m³ / day in Entorno de Sapinhoá; and 87 thousand m³ / day in the Sudoeste de Tartaruga Verde. The number reflects an increase of 2.5% compared to May 2019. At the time, production totaled 281 thousand m³ / day. The natural gas produced in Mero has not yet been commercially used. The Union’s daily profit gas was 40 thousand m³.

Between January and May this year, the two areas produced 43 million cubic meters, with the Union’s share of 15.6 million cubic meters.

About Pre-Sal Petroleo – PPSA

The production sharing regime has been in place in the Pre-Salt Polygon and in strategic areas (Campos and Santos Basins) since 2010. Pre-Sal Petróleo is the manager of 17 production sharing contracts. The company also represents the Union in the Production Individualization Agreements and is responsible for selling the Union’s oil and gas portion.

Source: Editorial Office / PPSA

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