Brazil to Have Its First Serious Discussion on What to Do with New-Found Riches

Petrobras's platform

The city of Rio de Janeiro, in the Brazilian Southeast, will host in June the first major top-level industry wide meeting of all leading players in the exploration of Brazil’s pre-salt oil fields.

“The pre-salt fields are estimated to contain billions of barrels of oil and their discovery is regarded as one of the most exciting oil and gas exploration developments of the decade, providing enormous opportunities for energy companies globally.” said Igor Tavares, director of the Pre-Salt Brazil Congress.

Among the many experts announced for the congress are Petrobras president José Sergio Gabrielli and State Secretary of Economic Development, Energy and Services, Julio Bueno.

In August last year, Brazilian president Luiz Inácio Lula da Silva, proposed changes to the country’s oil laws, including increased state control over the massive crude reserves and changing the current concession regime to a production-sharing system.

According to Igor Tavares, the Rio industry gathering will provide valuable insight into Brazil’s regulatory framework, as well as updates on concessions and licensing rounds for the region’s deep-sea deposits.

“There are also the challenges of overcoming the geological and technological specifics of the pre-salt oil fields and we have some of the industry’s leading experts, such as FloaTEC, who will share their expertise”, says Tavares.

FloaTEC, a deepwater floating production systems producer, is already in business with Petrobras. Earlier this year it signed a billion US dollar deal with Petrobras for the construction of the P-61, TLWP platform that will be set up in the Papa Terra field in the Campos Basin.

FloaTEC President Eric Namtvedt describes the offshore pre-salt discoveries in Brazil as “the new frontier for the industry” and says the P-61, TLWP platform allows for direct vertical access into the well bore.

“Wells with direct vertical access have greater reservoir recovery potential than traditional sub-sea wells due to the lower costs associated with well intervention and the opportunity to employ secondary recovery techniques”, he added.

The Pre-Salt Brazil Congress will address the following aspects of developing the pre-salt oil reserves: Operation investment, finance options, fundraising and new investors; Sub-sea technologies – operation and development of effective systems for pre-salt production; Drilling and wells: cutting edge technologies and advances to produce at pre-salt layers.

Mercopress

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  • Show Comments (1)

  • Brasilia

    Ugh
    I wonder how much of the potential profit will be skimmed by the politicos? this is a windfall of epic proportions to say the least. it would be nice if a large portion of the revenue was set aside to fund social and infrastructure programs through out Brazil. new roads, power lines, improved sanitation, telecommunications/internet, schools, museums, sporting complexes, parks, zoos, bridges, increasing nuclear/hydro/geo power, the list is limitless. or maybe building low income housing areas not located on the side of mountains would be a good place to start. the money from these oil finds could be the boost that the country needs, if it is used for the people and not to buy ferraris and vacation homes for the privileged elite.

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