E&P Highlights: Feb. 18, 2025

From a new agreement to develop resources off Cyprus to an appointment by Enteq Technologies, below is a compilation of the latest headlines in the E&P space.

Activity

Petrobras Announces Discovery in Búzios Field

Petróleo Brasileiro SA (Petrobras) has confirmed the presence of oil in the western region of the Búzios field with the drilling of well 9-BUZ-99D-RJS. This is a new accumulation in a zone below the main reservoir.

The well is 189 km off the coast of Rio de Janeiro and was drilled at a water depth of 1,940 m. Tests conducted from a depth of 5,600 m confirmed the presence of oil reservoirs through electrical profiles, which will later be characterized through laboratory analyses.

The Búzios Shared Reservoir Consortium, comprised of Petrobras as the operator (88.98% stake), in partnership with CNOOC (7.34%) and CNPC (3.67%), with Pré-Sal Petróleo S.A. (PPSA) as the manager, will continue analyzing the results to proceed with activities in the area.

FPSO Almirante Tamandaré Begins Production in Pre-Salt

Petrobras and CNOOC said the FPSO Almirante Tamandaré (Búzios 7) started production Feb. 15 in the Búzios field, located in the pre-salt layer of the Santos Basin.

This is the first high-capacity unit to be installed in the field, with the potential to produce 225,000 bbl of oil and process 12 MMcu. m of gas daily. In total, 15 wells will be connected to the platform through subsea infrastructure.

The FPSO Almirante Tamandaré is part of the sixth production system of Búzios. It will contribute to the field reaching a production level of 1 MMbbl/d of oil, expected by the second half of 2025, with a goal of 2 MMbbl/d by 2030. The FPSO was converted in China in July 2024 and arrived at Búzios in October.

BP Announces Start of Production from Field Offshore Egypt

BP has started production from the second development phase of the Raven field, offshore Egypt. The second phase involves the subsea tieback of additional Raven infill wells to its existing onshore infrastructure as part of the West Nile Delta project.

BP, the operator, holds an 82.75% stake in the project and Harbour Energy owns the remaining 17.25%.

The new wells are expected to produce approximately 220 Bcf of gas and 7 MMbbl of condensate. The project was safely executed ahead of schedule, allowing for an accelerated start of production.

Contracts and company news

Eni, Total Sign Development-Export Agreement With Cyprus, Egypt

Eni and TotalEnergies reached an agreement with the governments of Cyprus and Egypt to develop the resources of Cronos Block 6 offshore Cyprus.

The companies plan to establish a gas hub in the Eastern Mediterranean using Egypt’s existing hydrocarbon infrastructure and positioning Cyprus as a gas producer and exporter. The gas from the Cronos discovery will be transported and processed in existing Zohr facilities, then liquefied in the Damietta LNG plant in Egypt for export to European markets.

The Cronos field is estimated to hold more than 3 Tcf of gas. Further discoveries are possible.

Caterpillar Oil & Gas Launches New Fuel-Blending Kit

Caterpillar Oil & Gas has launched the Cat Dynamic Gas Blending Gen 2 Kit, enabling drillers to use existing 3512C Tier 2 power solutions to lower greenhouse gas emissions.

The new product is optimized to blend diesel and natural gas. It allows up to two times diesel displacement compared to traditional technologies to achieve an average 70% diesel displacement, significantly reducing total fuel consumption.

Enteq Appoints Stephen Kellett as Commercial Director

Enteq Technologies, the energy services engineering and technology company, has appointed Stephen Kellett as commercial director. He will focus on expanding the adoption of Enteq’s Saber tool, a rotary steerable technology, and driving growth in key global markets, including the U.S. and the Middle East.

Before joining Enteq, Kellett held senior roles at Weatherford and Halliburton.