Brazil production-sharing system seen poised for strong oil output growth
Oil output from Brazil’s production-sharing system is set to reach 2.95Mb/d (million barrels per day) in 2030, up almost five-fold compared to today’s levels.
The projection was presented on Tuesday by Pré-Sal Petróleo (PPSA), the state-run firm responsible for the supervision and sale of the federal government’s share of hydrocarbons from the production-sharing contracts.
To boost production, an estimated US$72.4bn will be invested between 2023 and 2032, involving 21 new FPSOs and 319 wells, according to PPSA.
After reaching a peak in 2030, PPSA sees output falling to 2.56Mb/d in 2032,
It also estimated that the country’s total oil production will be 5.2Mb/d in 2030.
The pre-salt polygon and areas considered strategic - characterized by low exploration risk and high oil and gas output potential - are part of the production-sharing system.
The system currently consists of 19 contracts, six of which are in the production stage: Mero, Búzios, Tartaruga Verde Sudoeste, Entorno de Sapinhoá, Atapu and Sépia.
Together, they produced 668,000b/d of oil in October, according to figures from PPSA.
The other contracts are Norte de Carcará and Itapu, which are in the production development phase, and Sul de Gato do Mato, Alto de Cabo Frio Central, Uirapuru, Alto de Cabo Frio Oeste, Três Marias, Dois Irmãos, Saturno, Titã, Pau Brasil and Aram, in the exploration phase.
Peroba is in the process of being returned to oil and gas regulator ANP.
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