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May 12, 2020

Petrobras discovers oil in Buzios and Albacora fields offshore Brazil

Brazilian state-owned firm Petrobras has discovered more oil of good quality in the south-east area of the Búzios field and greater potential in the pre-salt of the Albacora field.

By Himaja Ganta

Brazilian state-owned firm Petrobras has discovered further reserves of good-quality oil in the south-east area of the Búzios field, with greater potential in the pre-salt of the Albacora field.

The company has found reservoirs of a similar quality to existing reserves stretching over 208m in the Búzios field. The area is operated by Petrobras with a 90% stake, alongside CNOOC (5%) and CNODC (5%).

The quality of oil was proven by means of tests carried out from 5,400m depth.

According to Petrobras, the excess volumes from the field were acquired at an auction held in November last year.

Meanwhile Petrobras will continue its Discovery Assessment Plan (PAD) in the Albacora field, where it is the sole owner.

The Albacora field discovery consists of about 214m of reservoirs, with light oil presence proven by tests carried out at a 4,630m depth.

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Last month, Petrobras revised its debt reduction plans due to the ongoing fall in crude prices as a result of the Covid-19 pandemic. It said it would maintain its gross debt at $87bn this year, the same level as last year.

In the same month, Petrobras announced it will decrease oil production by a further 100,000 barrels per day. This is an attempt to “strengthen resilience” after the drop in demand during the coronavirus pandemic.

Last November, Petrobras signed a share purchase agreement (SPA) to sell its 30% stake in the Frade concession to PetroRio for $100m.

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