Petrobras has started talks with SBM Offshore NV to hire a floating platform for the Buzios Field in the Santos Basin, the Brazilian state-controlled oil company said Sept. 15.
The Almirante Tamandaré FPSO unit is set to be Brazil’s largest, with capacity to produce 225,000 barrels of oil per day and 12 million cubic meters of gas, Petrobras said.
The FPSO will be the sixth at the Buzios Field, one of the world’s largest oil discoveries this century and is planned to start production in 2024, Petrobras said.
The company will pay daily rates to lease the vessel from SBM, which will build it.
Petrobras will hire the ship directly from SBM as currently there are no other suppliers available, the company said.
Petrobras has not yet completed tenders for two additional FPSOs planned for Buzios, the company said.
Laredo Petroleum remains “focused on executing similar, reasonably-priced bolt-on acquisitions around our core position in Howard County,” CEO Jason Pigott says.
Cracks have begun to show in the traditional performance metrics for executive compensation in the oil and gas industry, and there’s a growing push to reconsider them in the new environment.
Martin Midstream’s founder, Ruben Martin, will retire as president and CEO on Dec. 31, but remain as board chairman and will continue to be actively involved in its business development.