Brazilian state-controlled oil company Petrobras said July 24 it has approved the start of a tender to build three new floating platforms, known as FPSOs, in the Buzios oil field, one of the biggest deepwater discoveries this century.
Earlier in July, Reuters reported that Petroleo Brasileiro SA, as the company is formally known, was preparing to launch the leasing tender by the end of August as part of its ambitions plans to boost deepwater production.
In a securities filing July 24, Petrobras said the three new FPSOs were part of its development plans for the asset, which aim at a total of 12 floating platforms installed by the end of the decade.
The company currently has four FPSOs operating Buzios, which correspond to more than 20% of Petrobras’ total production, according to the filing. A fifth floating platform is now under construction and is likely to start production in second-half 2022.
“At the end of the development phase, Buzios Field is expected to produce more than 2 million barrels of oil equivalent per day (boed), becoming Petrobras’ largest production asset,” Petrobras said.
Recommended Reading
Civitas Makes $300MM Midland Bolt-On, Plans to Sell D-J Assets
2025-02-25 - Civitas Resources is adding Midland Basin production and drilling locations for $300 million. To offset the purchase price, Civitas set a $300 million divestiture target “likely to come” from Colorado’s D-J Basin, executives said.
Occidental to Up Drilling in Permian Secondary Benches in ‘25
2025-02-20 - Occidental Petroleum is exploring upside in the Permian’s secondary benches, including deeper Delaware Wolfcamp zones and the Barnett Shale in the Midland Basin.
Matador Touts Cotton Valley ‘Gas Bank’ Reserves as Prices Increase
2025-02-21 - Matador Resources focuses most of its efforts on the Permian’s Delaware Basin today. But the company still has vast untapped natural gas resources in Louisiana’s prolific Cotton Valley play, where it could look to drill as commodity prices increase.
Vital, SM: Woodford-Barnett Wildcats Flush with Barrels in Southern Midland
2025-02-25 - An initial SM Energy test made 250,000 boe in its first eight months online. Vital Energy is reporting more than 150,000 gross boe per 10,000 ft of lateral in its first-six-month output.
Ovintiv Closes $2B Uinta Sale to FourPoint Resources
2025-01-22 - Ovintiv is exiting Utah’s Uinta Basin in a $2 billion sale to FourPoint Resources, which will take over some of the play’s highest quality acreage.