Brazil’s state-owned oil and gas producer Petrobras expects to bring online 2.25 million bbl/d of production between 2023-26 with the incorporation of 14 new and already contracted FPSO units offshore Brazil.
The 14 new units will add significant production over the next four years and follow the successful start-up of 12 units between 2017-21 and one unit in 2022, the Guanabara FPSO at the Mero 1 development, Petrobras revealed last week on its second-quarter earnings webcast. Eleven units are targeting the pre-salt formation while just three will target the post-salt.
Ongoing FPSO incorporation is part of Petrobras’ business strategy focused on growing both reserves and production in the prolific presalt formation, while divesting non-strategic higher lifting cost assets as well as others related to refining, distribution, energy and natural gas across its portfolio.
The Brazilian presalt was discovered in 2006 and covers an area of 149,000 sq km, according to Rio de Janeiro-based Petrobras. A continued focus on the formation fits with Petrobras’ plans to explore new frontiers and discovered areas while focusing on value maximization. Production from the new units will assist to offset production lost from divestments as well natural declines at older and marginal fields.
The presalt offers excellent quality, high commercial value light oil. The offshore formation boasts lifting cost without leasing cost and government taxes that are below $4/boe with wells that yield high productivity.
In the second quarter, the pre-salt accounted for 76% of Petrobras’ total oil production of 2.11 million bbl/d and around 73% of combined oil, gas and NGL production of 2.65 million boe/d. Under Petrobras’ 2022-26 business plan the company aims to boost combined production, post divestments, to around 3.2 million boe/d in 2026 with the presalt accounting for 79% of the total.
Petrobras’ plan to roll out 14 FPSOs between 2023-26 will consist of five units in 2023 that will add 630,000 bbl/d, three units in 2024 (505,000 bbl/d), three units in 2025 (540,000 bbl/d) and three units in 2026 (570,000 bbl/d). Of the units, Petrobras will charter eight and own six of them.
The new units are expected to be more efficient and provide higher operational safety and reliability as well as emissions reductions, Petrobras’ chief production development officer Joao Henrique Rittershaussen revealed during the second quarter webcast.
Petrobras: 14 New FPSOs Envisioned Between 2023-26
|2023||Buzios 5||Alm. Barroso||Chartered||150|
|2023||Marlim 1||Anita Garibaldi||Chartered||80|
|2023||Marlim 2||Anna Nery||Chartered||70|
|2024||Mero 3||Mal. Duque de Caxias||Chartered||180|
|2024||Buzios 7||Alm. Tamandare||Chartered||225|
|2025||Mero 4||Alexandre de Gusmao||Chartered||180|
In 2023, Petrobras plans to start up five units:
The Alm. Barroso FPSO at Buzios 5 will have a 150,000 bbl/d capacity. The unit is sailing to Brazil for commissioning, inspection and acceptance test stages. Ten wells have been drilled and seven completed.
The Anita Garibaldi FPSO at Marlim 1 will have an 80,000 bbl/d capacity (post-salt). Integration and pre-commissioning is in progress. In addition to new wells, 37 wells have already been built and are ready for relocation.
The Anna Nery FPSO at Marlim 2 will have a 70,000 bbl/d capacity (post-salt). The unit is sailing to Brazil for finishing commissioning and acceptance tests stages. Its topside is all electric. Two new wells have been drilled and completed plus 24 are already built and ready for relocation.
The Sepetiba FPSO at Mero 2 will have a 180,000 bbl/d capacity. The unit is going through module integration and pre-commissioning has started. Ten wells have been drilled and two completed.
The P-71 FPSO at Itapu will have a 150,000 bbl/d capacity. The unit is in the final stage of module integration and commissioning. Four wells have been drilled and two completed.
In 2024, Petrobras plans to start up three units:
The Marechal Duque de Caxias FPSO at Mero 3 will have a 180,000 bbl/d capacity. The unit is progressing with the hull conversion and modules construction. Three wells have been drilled and one completed.
The Maria Quiteria FPSO at the Integrado Parque das Baleias (IPB) will have a 100,000 bbl/d capacity. The hull conversion is in progress. Three wells have been drilled and one completed. Additionally, seven wells have already been built and are ready for relocation.
The Almirante Tamandare FPSO at Buzios 7 will have a 225,000 bbl/d capacity. The hull construction is in the advanced stage and modules are under construction in China and Brazil. Three wells have been drilled and one completed.
In 2025, Petrobras plans to start up three units:
The P-78 FPSO at Buzios 6 will have a 180,000 bbl/d capacity. The project is in the execution phase with a production system under construction.
The P-79 FPSO at Buzios 8 will have a 180,000 bbl/d capacity. The project is in the execution phase with a production system under construction. Three wells have been drilled and one completed.
The Alexandre de Gusmao FPSO at Mero 4 will have a 180,000 bbl/d capacity. The project is in the execution phase with a production system under construction. Five wells have been drilled and two completed.
And finally, in 2026, Petrobras plans to start up three units:
The P-80 FPSO at Buzios 9 and the P-82 FPSO at Buzios 10 will have processing capacities of 225,000 bbl/d each. The units are under procurement to be contracted. The P-81 FPSO at SEAP-1 will have a 120,000 bbl/d capacity (post-salt). The unit is under procurement.
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