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Petrobras to boost Campos Basin efficiency to historic levels

30th July 2012

Petrobras launches USD 236.5bn project in bid to boost exploration and production in one of the oil rich sedimentary basins offshore Rio de Janeiro

Petrobras to boost Campos Basin efficiency to historic levels
Under the plan, a total of USD 236.5bn is expected to be invested in the next four years, USD 47.3bn per year. More than half (USD 141.8bn) will be applied in the E&P segment

Brazilian oil giant Petrobras has launched a multi-billion dollar program to increase efficiency in the Campos Basin and bring exploration and production back to previous record highs.

Some 90 per cent of the Brazilian giant's output comes from offshore fields, and the majority of this slice is drawn from the Campos Basin. Due to the natural decline of the area, however, its efficiency levels have dropped significantly over the past three years.

"The Campos Basin accounts for approximately 80 per cent of Petrobras' output," a press officer for the oil major told OGT. "In 2009, the basin's efficiency sat at 88 per cent, but last year it reached 71 per cent."

Concurrently, Petrobras boss, Maria das Graças Silva Foster, on Friday inaugurated PROEF, a programme designed to enhance the goals set down in the firm’s 2012-2016 Business Plan. It also aims to structure specific actions for each production system of the Campos Basin’s Operations Unit (BO-BC).

Under the plan, a total of USD 236.5bn is expected to be invested in the next four years. More than half (USD 141.8bn) will be applied in the E&P segment, while the remainder will be spread through various sectors such as downstream (USD 65.5bn) and gas and energy (USD 13.8bn).

Petrobras’ main priorities in the plan include “recovering the production curve for oil and natural gas” back to their efficiency record of 90 per cent, as well as “prioritizing oil and natural gas exploration & production projects in Brazil”. The first efficiency results are expected this year, Petrobras’ head of E&P José Formigli said.

"We expect to increase the Campos Basin's operational efficiency to 90 per cent by 2016," the Petrobras press officer added.

The event was attended by several high-profile executives from the firms’ exploration and production segments.

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