Petrobras to Begin Operations at 2 New Platforms in Santos Basin in 2H 2014

Petroleo Brasileiro S.A. (Petrobras) announced Wednesday that its proven reserves in Brazil's pre-salt area in 2013 grew by 43 percent when compared to 2012. Since 2007, the company has been incorporating growing volumes to its proven reserves from the pre-salt layer, which stretches from southern Espirito Santo state to Santa Catarina state. Currently, more than one-quarter of Petrobras’ proven reserves comes from the pre-salt. This 43 percent reserves growth in 2013 was possible due to the drilling of 42 wells in the pre-salt, combined with the excellent performance of the platforms in production at Campos and Santos Basins.

It is worth noticing that this reserve increase is taking place at the same time that pre-salt production grows. On Jan. 13, the second production well of platform Cidade de Paraty, at Lula field, went into operation, with an output of 28,000 barrels of oil per day (bopd), totaling 58,000 bopd on this platform.

As a result, a new daily record was set on Jan. 14 in which oil production operated by Petrobras in the pre-salt surpassed 390,000 bopd. The previous record of 371,000 bopd was set on Dec. 24, 2013.

Of the two basins producing from the pre-salt, Campos and Santos, the latter contributed with 51 percent of this record of 390,000 bopd, through nine production wells, confirming the high productivity of the pre-salt fields. The average productivity of the commercial wells in the Santos Basin pre-salt has been around 25,000 barrels of oil per well per day, higher than that of the North Sea (15,000 barrels of oil per well per day) and the Gulf of Mexico (10,000 barrels of oil per well per day).

The accumulated production for the pre-salt fields, beginning in 2008, has already surpassed 290 million barrels of oil equivalent (boe). Therefore, in 6 years of pre-salt production, we have already produced almost twice of what we have produced in 35 years at Garoupa field (156 million boe), located in Campos Basin.

In December of 2013, three Declarations of Commerciality proved the production feasibility in three different pre-salt areas: Lapa (Carioca), Buzios (Franco) and Sul de Lula (Sul de Tupi), all in Santos Basin.

In addition, in 2013, pre-salt discoveries in fields already in production in Campos Basin, such as Albacora, Caratinga and Marlim Leste contributed to the growth in reserves, and, primarily, to their swift monetization by interconnecting wells to the platforms in operation.


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