Petrobras to Invest $13.8B in Exploration Through 2013

During a press conference held Feb. 4, 2009, Petrobras' Exploration & Production Director, Guilherme Estrella, presented the Business Plan for the E&P area for the 2009-2013 period, which anticipates investments of the order of $92 billion in Brazil alone. This amount is $26.9 billion above the total the previous plan (2008/2012) laid out, $65.1 billion. With these investments, the company estimates it will boost domestic oil production to 2,680,000 barrels per day (bpd) in 2013.

Of the total earmarked to be invested in E&P, some $29 billion will be allocated to the Santos and Campos basin pre-salt projects alone, including the amounts set aside for the Parque das Baleias, off the coast of Espírito Santo.  The projection is that in 2013, production in the pre-salt fields will reach 219,000 bpd, a volume that is expected to grow to 1,800,000 bpd in 2020, including the production both of Petrobras and of its partners. This will practically double the Company's current daily production in Brazil.
Intensifying the exploratory activity is another pillar of the new plan. Petrobras' forecast is that by 2013 it will invest $13.8 billion in the exploration of 278 blocks in the Equatorial Margin, Ceará and Potiguar, Solimões, Sergipe and Alagoas, Bahia Sul, São Francisco, Espírito Santo, Campos, Santos, and Pelotas basins.
The Company expects to reach 2013 producing a total of some 3.6 million barrels of oil equivalent per day (boed), including the contribution made by its fields abroad. This volume is expected to rise to 5.1 million boe in 2020. The target is to reach a local content index of 53% in production unit construction.
New Production Projects
The company hopes to put five new oil production and five new gas production systems on stream in 2009. In addition to the Long Duration Test at Tupi, in the Santos basin pre-salt cluster, production systems are also slated to go online in the Jabuti, Frade, and Parque das Conchas fields, as well as at platform P-51, in the Marlim Sul field, all of which in the Campos Basin.  The enhancement of the Manati gas project, in the Camamu/Almada basin, in Bahia, in addition to the Lagosta gas fields, in the Santos Basin; Canapu and Camarupim, in the Espírito Santos basin; and Urucu, in the Solimões basin, are also foreseen for 2009.
The Business Plan predicts that the first platforms that will make pre-salt production feasible will go on stream by 2010, such as the Tupi pilot system, in the Santos Basin -- with capacity to produce 100,000 bpd -- and the unit destined to produce the Parque das Baleias -- which includes the Cachalote, Baleia Franca and Baleia Anã fields, off the coast of Espírito Santo. The second Santos basin pre-salt production system is scheduled to go on stream in the Guará accumulation in 2013.
In addition to production in the pre-salt, for 2011 the Plan foresees operations will be kicked-off at platforms P-57, in the Jubarte field, in the Espírito Santo Basin, and P-56, in the Marlim Sul field, in the Campos Basin. The forecast is that the unit destined for the Baleia Azul field, in Espírito Santo, will go online the following year.
For 2013, the company expects to have platforms P-62 and P-55, both in the Roncador field – and P-61 and P-63, both in the Papa-Terra field, in operation.
More Gas
Gas supply will be boosted by means of production that is not associated to oil in the Uruguá-Tambaú fields, with capacity for 8 MMcm/d, and Mexilhão, which will be capable of producing up to 15 MMcm/d. Planned to start producing in 2010, these projects are part of the Gas Production Anticipation Plan (Plangás), the priority of which is to increase the domestic gas supply. For 2011, Petrobras plans to put the Juruá and Araracanga projects on stream.