Brazilian upstream consolidation leads to bullish production forecasts

Charles Waine, Petroleum Economist August 18, 2022

National Oil Company Petrobras is focusing on output growth from pre-salt, following a trend of Brazilian oil independents raising output at fields the NOC already divested, Petroleum Economist reported.

The upstream consolidation and bullish production forecasts are something the president will continue to deal with after Brazil’s October election, whether that continues to be incumbent right-wing populist Jair Bolsonaro or left-leaning challenger and former president Lula da Silva.

Planned ramp-ups in production from Petrobras will partially come from the P-68 platform—at the Berbigao and Sururu offshore fields—and a new floating production, storage and offloading (FPSO) vessel at the Sepia offshore field, both in the Santos basin. These should add 55,000bl/d of capacity to the company’s portfolio this year. 

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