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Don’t Expect Brazil’s Ultra-Deep Sea Oil Flowing Before 2013

Petrobras floating platform Sergio Gabrielli, the CEO of Brazil's state-controlled oil and gas multinational Petrobras said that he expects new ultra-deep-water finds to yield 100,000 barrels of oil a day by 2010 and announced the company would begin testing production in the fields next September 2, but he cautioned, "We don't expect the new fields to have a significant impact on oil production until 2013".

Gabrielli declined to estimate the size of the newly found reserves, which some geologists believe can hold as much as 55 billion barrels of oil, but he said Petrobras had the "biggest potential to grow of all major oil companies."

The company's Brazilian oil and gas reserves stood at 10.573 billion barrels of oil equivalent at the end of 2006, according to the measuring criteria used by the US Securities and Exchange Commission.

Analysts have said that if tests confirm the massive reserves, Brazil could become a major oil exporter. But the oil lies not only deep below the ocean's surface but also far below the ocean floor, below the Earth's salt layer, making it difficult and expensive to extract.

Earlier Friday, Petrobras executive Antonio Carlos Pinto said the company had spent US$ 1 billion on 20 exploratory oil wells since 2005 in the offshore area. But he added that the cost of drilling in the ultra-deep area off Rio de Janeiro's coast had dropped significantly since test drilling began.

Foreign correspondents were invited for a two day Petrobras forum, which began on Thursday, August 21, with the visit of platform P-51, which is in its final construction phase in Angra dos Reis. With investments in the order of US$ 830 million, P-51 is the first semi-submersible platform ever built in Brazil.

The platform is expected to set sail from the shipyard in September and begin operations late this year in the Marlim South field, in the Campos basin. The unit will be capable of processing and treating 180,000 barrels of oil and six million cubic meters of gas, in addition injecting approximately 45,000 cubic meters of water in the reservoir per day.

On Friday Gabrielli told the visiting journalists that "Petrobras is the only major oil company in the world that has 85% of its revenue coming from the domestic market." Therefore everything that happens in the Brazilian economy is very important to Petrobras, "and whatever happens at Petrobras is important for Brazil," he said.

Gabrielli went on to say Petrobras has an accelerated growth project with an annual target growth of 7% until 2015.

"This is essentially based on proved reserves, not taking the pre-salt discoveries into account" he added. Petrobras president also emphasized that "we have an investment program that may very well be one of the world largest."

Mercopress

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  • Show Comments (6)

  • cacete neles

    HE IS HERE!!! THE IDIOT JUST ARRIVED!!!
    AND NOW HE IS ALSO AN EXPERT ON DRILLING COSTS!!!
    HOW SIMPLE THE WORLD CAN BE HUHHHH…

    πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰

  • cacete neles

    yeap
    HE IS HERE!!! THE IDIOT JUST ARRIVED!!! πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰
    AND NOW HER IS ALSO AN EXPERT ON DRILLING COSTS!!! πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰
    HOW SIMPLE THE WORLD CAN BE HUHHHH… πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰

  • ch.c.

    “not too long ago someone here said that Brazil just doesnÀ’€ℒt have any technological means to extract the deep oil beneath the salt deposits.”
    Wellll……just refer to the article stating : But the oil lies not only deep below the ocean’s surface but also far below the ocean floor, below the Earth’s salt layer, making it difficult and expensive to extract.

    Then I wonder who the real idiot is !

    Because lets face it, if you trust what your government cheaters and liars are/were saying then no doubt there was No Vote Buying, the Amazon plane crash was due to the U.S. pilots, the Congonhas tragedy was due do Airbus, and that as your vice President stated publicly there is Noooooo slave working in Brazilian sugarcane fields, despite many are freed yearly by your own police.

    Then again I have no doubt of who the idiots are.

    Last but not least read again the article stating : But he added that the cost of drilling in the ultra-deep area off Rio de Janeiro’s coast had dropped significantly since test drilling began.
    Welllll……this is dead wrong.
    Drillings costs sharply increased for 2 reasons that every idiot should understand : A) a drilling platform is made of steel, and steel prices more than doubled since 2005. B) due to the increased offshore activities since 2005, there is a shortage of platforms with the results that leasing them created a more than tripling the price.

    Sure, idiots cant even figure that out ! Otherwise they would less idiots !

    This said, idiots are free to believe whatever they read.

    Ohhhh just ask brazilian idiots how much equals 2 plus 2. Their answer will be 5 and stating that it is so obvious that every idiot knows that.
    I am not sure you catched this.

    By the way, feel free to scroll the articles until around early in the year and you will find that a company from my country, with ZERO oil underground has signed a deal with Petrobras to deliver a US$ 1,3 billion oil producing platform….to PETROBRAS !!!!!

    Because what is not clearly stated is from where these ultra deep drilling technology will come from !!!!

    The Brazilian inferiority complexion at its best !!!!!!

  • cacete neles

    you should know mm
    You have been playing with masses brain washing since the 60’s with Timothy Larry πŸ˜‰ πŸ˜‰ you ought to know one or two things about it … 8) πŸ˜‰

  • mm

    Nationalism is the last refugee of the scoundrel…

  • cacete neles

    INTERESTING…
    Interesting… not too long ago someone here said that Brazil just doesnÀ’€ℒt have any technological means to extract the deep oil beneath the salt deposits. Petrobras not only is pursuing that right a way, but in a record time manner. Petrobras is one of the worlds leading deep-sea exploration but that didn’t stop the idiots in this site. πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰ πŸ˜‰

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