Brazil’s state-run oil company, Petrobras, has obtained environmental licences to expand oil production in two offshore fields, reported Reuters, citing sources.
This development could also see one floating production storage and offloading (FPSO) vessel begin operations ahead of schedule in the Buzios field.
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The licences will facilitate an increase in oil output at the Mero and Buzios fields, both located in the Santos Basin of the Atlantic Ocean.
The early start-up of the FPSO Almirante Tamandare in Buzios is a key aspect of this expansion.
Despite a strike at Brazil’s environmental agency Ibama, which has delayed permit issuance this year, Petrobras managed to secure the necessary approvals.
The company, however, did not provide immediate comments on the licences, the news agency said.
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By GlobalDataIn a recent statement, Petrobras maintained that the FPSO is expected to commence production in 2025.
The granting of these two permits is projected to add approximately 66,000 barrels per day (bpd) to Brazil’s oil production.
This increase comprises 46,000bpd from Mero and 20,000bpd from Buzios, contributing around 36,000bpd to Petrobras’ production portfolio.
The remaining output will be allocated to its partners and the state-run company PPSA.
The FPSO Almirante Tamandare, with a capacity of 225,000bpd, is expected to arrive in Brazil in October and has the potential to start production this year.
Petrobras’ strategic plan outlines a production target of 2.8 million barrels of oil equivalent per day (mboe/d) in 2024, with a possible variation of plus or minus 4%.
Between April and June, the company reported a daily average production of 2.7mboe/d, marking a 2.4% increase from the same period in the previous year.
In addition to the developments in Brazil, Petrobras this week confirmed a natural gas discovery offshore Colombia.
The Uchuva-2 well in the Tayrona block has validated the size of the gas discovery initially identified in 2022 with the Uchuva-1 well.
Petrobras holds a 44.4% operational stake in the Tayrona block, while Ecopetrol, the Colombian petroleum company, has a 55.6% majority interest.
