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2017-12-15 13:00:00

BRAZILIAN OIL UP TO 3.3 MBD

BRAZILIAN OIL UP TO 3.3 MBD

EIA - Brazil has produced 3.3 million barrels per day (b/d) of petroleum and other liquids so far in 2017, according to data through August, up from 3.2 million b/d in 2016, making it the ninth-largest producer of petroleum and other liquids in the world. Production of crude oil in Brazil increased in recent years as producers targeted large, offshore, pre-salt oil deposits. Brazil's pre-salt oil production in 2016 reached a record 1.02 million b/d, surpassing the 2015 production level by 33%.

Pre-salt oil deposits are located offshore under deep, thick layers of rock and salt and require substantial investment to extract. The depths and pressures involved in pre-salt production present significant technical hurdles. Despite these challenges, however, pre-salt crude oil production in Brazil has increased significantly since it began in 2009.

Pre-salt resources were first discovered in Brazil's offshore Santos Basin in 2005 by state-controlled Petrobras, the dominant participant in Brazil's oil sector. Further exploration in the Santos, Campos, and Espirito Santo basins revealed an estimated 5 billion to 8 billion barrels of oil equivalent in a pre-salt zone 18,000 feet below the ocean surface.

With the exception of the Libra field, all pre-salt areas currently under development were granted to Petrobras without competition. The Libra field was the first to be auctioned under Brazil's new production-sharing model, and it is operated by Petrobras (40%) as part of the international consortium whose other partners are Total (20%), Shell (20%), and Chinese national oil companies China National Offshore Oil Corporation (10%) and China National Petroleum Corporation (10%).

The Libra field—the largest pre-salt oil discovery to date in the Santos Basin—began producing for the first time in November 2017. The field is located approximately 106 miles off the coast of Rio de Janeiro in water depths up to 11,500 feet. According to Brazil's National Agency of Petroleum, Natural Gas, and Biofuels (ANP), the Libra field is estimated to hold 8 billion to 12 billion barrels of recoverable reserves.

Using a floating production, storage, and offloading vessel (FPSO), early production from Libra has been about 50,000 b/d. Development of the field is expected to continue in the 2020s with the deployment of another FPSO that has a production capacity of 150,000 b/d. ANP estimates that peak production at Libra could eventually reach 1.4 million b/d.

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Earlier:

 BRAZIL IN MOVEMENT
2017, November, 29, 09:35:00

BRAZIL IN MOVEMENT

OGJ - Total SA announced Nov. 27 that the Petroleo Brasileiro SA (Petrobras)-led Libra consortium has brought production on stream in ultradeep waters 180 km offshore Rio de Janeiro in Brazil’s presalt Santos basin.

 

 IMF WANT BRAZIL
2017, July, 17, 13:40:00

IMF WANT BRAZIL

Directors observed that the financial sector has remained sound despite the severe stresses. To make the system more robust, they encouraged actions to further strengthen financial safety nets through enhanced monitoring and an improved crisis management framework. Directors underscored the need for continued vigilance and close monitoring of the health of the corporate sector and its impact on the banking system.

 

 BRAZIL SEEKS INVESTMENT
2016, October, 6, 18:30:00

BRAZIL SEEKS INVESTMENT

Brazil hopes the rules changes will attract foreign oil companies with resources that the scandal-plagued, debt-ridden Petroleo Brasileiro does not have.

 

 BRAZIL & VENEZUELA IN SHOCK
2016, April, 20, 17:45:00

BRAZIL & VENEZUELA IN SHOCK

South America’s two largest oil producing nations face bigger threats from political turmoil than depressed crude prices, but reforms in their national oil companies (NOC) and energy ministries may be essential for their governments to survive.

 

 PETROBRAS CUTS 12,000 JOBS
2016, April, 5, 18:10:00

PETROBRAS CUTS 12,000 JOBS

Brazil’s troubled state-run oil company Petróleo Brasileiro SA on Friday announced a beefed up voluntary layoff program that could affect up to 12,000 jobs amid intense efforts to cut costs.

 

 PETROBRAS STRIKE & SLASH 30%
2015, November, 5, 19:10:00

PETROBRAS STRIKE & SLASH 30%

Brazil’s largest oil workers union, known as FUP, joined several smaller striking unions on Sunday to protest Petrobras’ plans to sell up to $15.1 billion worth of assets and slash its 2016 budget down to $19 billion, a 30 percent reduction.

 

 PETROBRAS 37% DOWN
2015, July, 1, 19:05:00

PETROBRAS 37% DOWN

Brazil’s Petrobras will cut its spending by 37 percent through the next four years in an effort to tame its enormous $110 billion debt.

Tags: BRAZIL, OIL, PRODUCTION

Chronicle:

BRAZILIAN OIL UP TO 3.3 MBD
2018, April, 23, 14:25:00

U.S. SHALE OIL UP

FT - US shale oil companies have started to generate free cash thanks to the rise in crude prices, a landmark moment for an industry that has until now relied on an inflow of capital to support its growth.

BRAZILIAN OIL UP TO 3.3 MBD
2018, April, 23, 14:20:00

WBG WANT COUNTRIES

WBG - Bank Group must strengthen its financial capacity to meet the aspirations of its shareholders, mobilize capital at scale, and respond to global development challenges.

BRAZILIAN OIL UP TO 3.3 MBD
2018, April, 23, 14:15:00

IMF WANTS AFRICA

IMF - we agreed on the need to accelerate structural reforms and access to finance in order to raise overall investment and medium-term growth rates to support job creation. The Fund, through its policy advice, can assist countries to design and implement growth-friendly fiscal adjustment, when needed, that responds to the country-specific sources of debt vulnerabilities while preserving needed investments in infrastructure, human capital, and other priority expenditures

BRAZILIAN OIL UP TO 3.3 MBD
2018, April, 23, 14:10:00

IMF'S CORRUPTION

IMF - Directors also agreed that the Fund should continue to address governance issues and corruption in surveillance when the applicable standard of the Integrated Surveillance Decision has been met.

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