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Output Production Expansion in Pre-salt Fields

Source: 5/11/2017, Location: South America

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Petrobras is entering fourth cycle of expansion in the company history with the production obtained in the pre-salt. This is a major milestone for us, which we reached by overcoming challenges, developing technology, and accumulating technical capacity, remarked Solange Guedes, our director of Exploration and Production, who participated, in the “Oil and Gas in Brazil: The Rules of the Game” panel, in an event promoted by the Brazil-Texas Chamber of Commerce (Bratecc) on the sidelines of the Offshore Technology Conference (OTC). The executive recalled that pre-salt output reached 1 million barrels of oil per day a year ahead of schedule. In December 2016, when we reached the 1-billion-barrel mark in the pre-salt, oil and gas output in ultra-deep waters reached 1.6 million barrels per day, up 45% over December 2015.

Solange emphasized that this frontier is highly profitable even in a scenario of a Brent barrel price ranging from $45 to $50. We are now able to build a well three times faster than at the start of production at the new frontier. “Because of the high productivity, fewer wells need to be drilled for systems to produce at full capacity, affording significant savings on investments,” she explained. “In addition, the company has also been able to reach a lifting cost below $8 per barrel in these areas,” added the director, noting that ten new production systems will go on stream in the pre-salt operation in the coming years. “Focusing on safety, training people, on open innovation, on a high-level standardization, and on accelerating the learning curve will continue to be the building blocks for lowering costs and increasing output,” added the director.

The executive also spoke about the importance of partnering with companies and universities in the technological field, focusing on seeking to increase the fields’ oil recovery factor and to reduce costs. “Several service companies work with us to develop solutions for offshore and onshore recovery operations. We have active partnerships with more than a hundred universities and research centers around the world, expanding our technological frontiers,” she said, adding that since the end of the monopoly in 1999, the Brazilian oil and gas industry went on to count on several companies and that we came out it strengthened.

Solange also highlighted opportunities in the post-salt. She says that the Campos Basin has great potential to be developed with the application of lessons learned in the last years and with the intense use of technology. The idea is to work to increase the deposits’ recovery factor. “We believe we can increase the recovery factor and, in fact, this is already happening. In the Marlim field, oil recovery is up 50%,” she concluded.

Yesterday, our CEO, Pedro Parente, highlighted the improvements made in our safety and financial indicators during his participation in the OTC.

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