Petroleo Brasileiro (Petrobras) has secured extensions of the concession contracts from Brazilian petroleum regulator Agência Nacional do Petróleo (ANP) for the Marlim and Voador fields in Brazil’s offshore Campos basin.
The extension of these concessions will allow the company to explore and produce oil from the offshore fields for 27 years until 2052. Originally, the contracts were due to expire in 2025.
Petrobras said that the extension of the fields’ production phase was in line with Resolution 2/2016 that was issued by the National Energy Policy Council (CNPE).
Furthermore, the extensions were made to help attract new investment in the fields and to enable Petrobras to ensure better usage of the existing reserves.
The Marlim and Voador fields produced 150,000 barrels of oil and two million cubic meters of gas a day in March.
Reuters reported ANP saying that the fields will require new wells, production equipment and other capital spending to maintain their falling production.
Marlim was discovered in February 1985, and is located in the north-eastern part of Campos Basin in water depths ranging from 650m to 1,050m. It has 102 production wells and 50 injection wells.
Voador has the capacity to produce approximately 1,520 barrels a day of oil and 38,000m³ of gas.