Pre-salt will produce 7.7 billion barrels of oil in sharing by 2032

Brazilian oil production in the fields of the pre-salt layer should total 7.7 billion barrels between 2023 and 2032 within the sharing regime, with the allocation of 1.9 billion barrels to the Union.

The estimate by Pré-Sal Petróleo (PPSA), a company linked to the Ministry of Mines and Energy, was presented today (29) by the CEO of the state-owned company, Eduardo Gerk, during the opening of the 5th Pre-Salt Petroleum Technical Forum.

The pre-salt polygon runs from the north coast of Santa Catarina to the south of Espírito Santo, with an exploratory area of ​​149,000 square kilometers (km²), at a depth of up to 7,000 meters. In sharing contracts, the costs of the exploratory operation are deducted from the total value extracted and the excess oil that exceeds this cost value is shared between the company or consortium that wins the bid for the area and the Union.

According to Gerk, the estimate is based on the 19 contracts already managed by PPSA, in addition to the Bacalhau and Tapi fields, which are close to entering into operation, and 80% of this volume comes from fields that already have a declaration of commerciality.

“We have an impressive increase in the production of oil wells, starting in 2023 in the order of 800 thousand barrels per day and reaching close to 3 million barrels per day around 2029, 2030. We had already presented this last year and We are ratifying these numbers. We made the segmentation between what already has a declaration of commerciality and what does not, but 80% of production is already practically guaranteed”.

He highlighted that the estimate of total oil production in the country for 2029 is 5.4 million barrels per day, with more than half of this coming from the pre-salt sharing regime.

“In 2029 itself, of the 5.4 million barrels we have 4.3 million coming from the entire pre-salt layer. So, when we reach the peak, a production of 2.9 million in production sharing contracts, of which PPSA is responsible for managing and marketing this oil. Of all this oil, the Union’s share reaches a level close to one million barrels per day in 2031”.

According to Gerk, with this the Union will have a daily oil production comparable to countries like China, Colombia, United Kingdom and Venezuela. He also informed that the expected revenue from the sale of Union oil could reach US$ 29.4 billion in 2031, accumulating US$ 157 billion by 2032.

“The collection with accumulated royalties will be around RS$ 100 billion until 2032 and with taxes on corporate profits, the figure is around RS$ 87 billion”, completes the executive. As a result, revenues allocated to public coffers will amount to US$ 344 billion over the next decade.

The investments planned for the 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.

Text amended, in the 8th paragraph, at 3:29 pm on November 29, 2022, to correct information.

Translated to english by RJ983

From Brazil, by EBC News