Brazilian oil production in pre-salt fields must add up to 7.7 billion barrels between 2023 and 2032 under the sharing regime, with 1.9 billion barrels allocated to the federation.
The estimate was presented by Pré-Sal Petroleo (PPSA), a company linked to the Ministry of Mines and Energy, today (29) by the CEO of the state-owned company, Eduardo Gerk, during the opening of the Fifth Pre-Salt Show. Petroleum Technical Forum.
The pre-salt polygon extends from the northern coast of Santa Catarina to the south of Espiritu Santo, with an exploration area of 149,000 square kilometers (sq km), at a depth of up to 7,000 metres. In sharing contracts, the costs of the exploration operation are deducted from the total value extracted and excess oil that exceeds this cost value is shared between the company or consortium that wins the bid for the area and the consortium.
According to Gerke, the estimate is based on the 19 contracts already managed by PPSA, as well as the Bacalhau and Tapi fields, which are close to coming into operation, and 80% of that volume comes from fields that already have a commercial declaration. .
“We have a significant increase in the production of oil wells, starting in 2023 in the range of 800 thousand barrels per day and reaching approximately 3 million barrels per day around 2029, 2030. We previously presented this last year and we are in the process of certifying these numbers. We split between what actually has a commercial and what doesn’t, but 80% of the production is already practically guaranteed.
He explained that the estimate for the country’s total oil production for 2029 is 5.4 million barrels per day, with more than half of this coming from the pre-salt sharing system.
In 2029 itself, out of 5.4 million barrels, we have 4.3 million barrels from the entire pre-salt layer. So, when we get to the peak, it’s 2.9 million production in production sharing contracts, of which PPSA is responsible for managing and marketing that oil. Of all this oil, the union’s share will reach a level close to 1 million barrels per day in 2031.”
According to Gerke, the federation will have a daily oil production comparable to countries like China, Colombia, the United Kingdom and Venezuela. He also reported that the expected revenue from the sale of Etihad oil could reach $29.4 billion in 2031, accumulating $157 billion by 2023.
“The collection with accumulated royalties will be around R$100 billion until 2032 and with taxes on corporate profits, the figure is around S$87 billion,” the CEO continues. As a result, the revenue allocated to the public treasury will reach 344 billion US dollars over the next decade.
Planned investments for this period are US$72.5 billion, with the need for 21 platform vessels (FPSO, for Floating Productions Storge and Offloading) and 319 wells, including producers, injectors and exploration.
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