Reuters – October 24, 202410:13 PM
RIO DE JANEIRO, Oct 24 (Reuters) – Brazil state-run firm Petrobras (PETR4.SA), plans to bring oil production at its Tupi oil field back to 1 million barrels per day by 2027 as it plans new investments in the asset, its director for exploration and production said on Thursday.
Located in deep waters offshore, Tupi is Brazil’s largest oil field in terms of production with 832,600 bpd, although it has been declining over the past few years, according to August data from oil regulator ANP.
In an interview with Reuters, director Sylvia dos Anjos said Petrobras now wants to bring Tupi’s production back to 1 million bpd.
“Tupi was declining, but it will come back up again,” she said, adding Petrobras aims to up production by drilling new wells at the field.
Still, even if the plans go as expected, dos Anjos expects Tupi to lose its crown as Brazil’s largest field to Buzios, another deep-water giant.
Buzios currently produces 605,600 bpd, ANP data showed.
Dos Anjos said Buzios should outpace a production of 1 million barrels of oil equivalent per day (boepd) in the second half of 2025.
According to dos Anjos, Petrobras plans to drill 25 fresh wells in its Campos basin next year aiming to find new oil and gas discoveries, while it also intends to carry out a new complementary drilling campaign in Santos basin.
In gas, Petrobras expects to raise its production by about 3 million cubic meters per day with the reopening of two wells in the Roncador field, she said.
Source: Reuters / BR8
