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IEA rates Brazilian oil production as "exceptional"

PARIS -- The International Energy Agency (IEA) classified as “exceptional” the increase in oil production in Brazil in the second quarter of this year, in a monthly report released Aug. 12. According to the report, Brazilian oil production reached 2.3 MMbpd in June. “This caps off an excellent quarter for the sector,” with a rise of 180,000 bpd compared with the second quarter of 2013, says the report.

According to the agency, a number of factors contributed to output growth in May and June: the P-62 platform in Roncador field coming on stream in May; the connection of a new pre-salt well to the P-48 platform in Caratinga field; the end of maintenance operations on P-51 in Marlim South; and an extended well test in Iara West. The Roncador, Caratinga and Marlim South fields are located in the Campos basin, while Iara West is in the Santos basin. All of these fields are operated by Petrobras.

The report also talks about the importance of Petrobras’ Operational Efficiency Improvement Program (known by Portuguese acronym Proef) in the Campos basin. According to the IEA, the program -- a systematic initiative to maintain the reliability, integrity and safety of production systems -- is bearing fruit. The operational efficiency of the company’s production units reached an average of over 91% in June, the highest level in recent years.

The IEA’s report predicts that Petrobras’ 2014 output will receive a further boost of around 135,000 bpd due to the start-up of three operations by the end of the year: P-61 in Papa Terra field, Campos basin, and the FPSOs Cidade de Ilhabela (to operate in Sapinhoá field, Santos basin) and Cidade de Mangaratiba (to operate in Iracema South, also in Santos basin).

This week, Petrobras disclosed its production figures for July. Total output across the company and pre-salt production both reached new all-time highs. Total oil production, including the share operated by the company for its partners in Brazil, amounted to 2.152 MMbpd in July, while pre-salt production hit a new monthly record of 480,000 bpd. On July 13, output from the pre-salt layer in the Santos and Campos basins was 546,000 bpd, a new daily record, up 5% from the previous record of 520,000 bpd established on June 24. These volumes also include the share operated by Petrobras for its partners.

08/18/2014

 

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