Petrobras divestment strategy instrumental in expanding production from mature fields

(TN) Petrobras’ divestment strategy was instrumental in boosting competitiveness and expanding production from mature fields in the country. The percentage of mature concessions operated by companies other than Petrobras – increased from 16% in 2010 to 38% in 2021. During this period, the number of operating companies jumped from 24 to 44. companies have given impetus to the operation of assets divested by Petrobras, changing the downward trend in production in these fields.

Petrobras divestments concentrated in mature assets mainly attract smaller companies, specialized in extracting more value from this type of asset, as is the case in other basins around the world. The daily production of Polo Pargo, in the Campos Basin, for example, increased from 2.5 thousand barrels of oil equivalent (boe) – six months before the conclusion of the divestment – to 5.4 thousand boe/day – after the conclusion of the transaction.

Revitalization of the Campos Basin

Portfolio management at Petrobras is based on the departure of assets that are less adherent to its strategic plan and the reallocation of resources in assets where the company is focused, that is, assets in deep and ultra-deep waters, with substantial reserves and high productivity. “A good example of the reallocation of investments is the Campos Basin Revitalization Plan, which received an investment of US$ 16 billion as part of Petrobras’ Strategic Plan. Our forecast is that in 2026 we will have a production of 900,000 boe/day, with 600,000 boe/day in new projects”, said the executive manager of Deep Water at Petrobras.

The revitalization of the Campos Basin is part of the largest program of its kind for mature assets in the global offshore industry. With this, Petrobras hopes to add more value to the Marlim and Voador fields, installing the FPSOs Anita Gabribaldi and Anna Nery there, with the capacity to produce, together, up to 150,000 barrels per day (bpd). The start-up of the two platforms is scheduled for 2023.

An international hub of offshore technology and the cradle of deepwater production in Brazil, the Campos Basin is responsible for almost 75% of all oil extracted in the country’s offshore environment to date. The region was a pioneer in innovation and will continue to be so for the decommissioning projects that are on the radar, as well as for the revitalization of mature concessions operated by new companies operating in the sector.

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