Repórter ADVFN – 14/08/2024
Petrobras has begun studies for the implementation of a new platform in Búzios, which would be the 12th FPSO unit in the mega pre-salt field located in the Santos Basin, according to three sources familiar with the matter.
The platform, which could cost billions of dollars, would also create a new pre-salt gas “hub” at a time when Brazil is striving to increase its fuel supply, according to the sources, who spoke on the condition of anonymity.
“There will be a 12th unit; the studies are already underway,” said one of the sources, avoiding details about the project’s financial requirements.
Each platform in Búzios has had an average estimated cost of 3.5 billion dollars, according to one of the sources.
“This platform is intended to increase gas production in Búzios. The idea is to have a gas treatment platform specifically for Búzios,” added the source.
Búzios, already Brazil’s second-largest production field, trailing only Tupi, produced 874.8 thousand barrels of oil equivalent per day (boed) in June, out of a total of 4.35 million boed produced in the country, according to data from the regulatory agency ANP.
However, according to the sources, the platforms in Búzios were initially designed with a greater focus on reinjecting pre-salt gas. Of Búzios’ total output, around 690 thousand barrels per day were petroleum in June.
The 12th unit in Búzios, where Petrobras (BOV:PETR3) (BOV:PETR4) operates with an 89% stake and has Chinese partners CNOOC and CNODC holding minority shares, would serve for gas production as well as for treating the product from other FPSOs.
A new FPSO—floating production, storage, and offloading unit—would optimise production in the pre-salt region after Petrobras faced pressure to reinject less gas into the wells.
This strategy, which prioritises oil production over gas, has previously been criticised by the Minister of Mines and Energy, Alexandre Silveira.
Pre-salt production in Brazil also struggles with a lack of gas transportation infrastructure, leaving no alternative but to reinject certain volumes, an issue expected to be alleviated with the Rota 3 pipeline becoming operational in the third quarter.
The Búzios project currently plans for 11 units in the field, which holds the world’s largest deep-water oil and gas reserves, according to experts, but production is more focused on oil than gas.
“It would be a platform to act as a hub, a cluster. It’s an opportunity to improve the quality of Búzios gas, use more gas, treat it, and improve its quality to be transported via Petrobras’ Rota 3,” explained the source.
Búzios already accounts for nearly 20% of Brazil’s oil and gas production, but it will increase output as new production units are added, making it the largest field in the country.
The field currently operates with five platforms, all FPSOs: P-74, P-75, P-76, P-77, and Almirante Barroso, which started production last year.
In addition to the five units already in operation in Búzios, Petrobras’ current Strategic Plan includes six more units.
With the units planned so far, Petrobras expects to produce around 2 million barrels of oil per day by 2030, according to a statement released in April when Búzios reached a cumulative production of 1 billion barrels.
A 12th FPSO would increase capacity by at least 150 thousand boed, according to one of the sources.
When contacted, Petrobras did not immediately comment on the matter.
“Petrobras will soon reach the milestone of 800 thousand barrels per day in Búzios, and the 1 million mark will certainly be reached in 2026,” said the source.
“Búzios will be Petrobras’ shining star and will surpass Tupi as early as 2025. One is on the rise, while the other is naturally expected to decline in the coming years,” the source explained, referring to the anticipated decline of Tupi.
Source: Repórter ADVFN / BR8
