Brazil's development plan centers on deepwater oil

Journal Article · Sun Jan 03 00:00:00 EST 1993 · Oil and Gas Journal; (United States)

OSTI ID:5501184

Brazil's state owned Petroleos Brasileiro SA continues to advance deepwater technology as it pushes the frontier in ultradeep waters of the Campos basin off Rio de Janeiro state. Petrobras holds many world records related to deepwater drilling and production. But the Campos basin campaign goes beyond technological bragging rights. The prolific basin, which accounts for more than half the country's crude oil production, is expected to be the cornerstone of Brazil's plans to boost production to 1 million b/d at year end 1993. Even with the surge to 1 million b/d, Brazil almost certainly will continue to be a net oil importer. The missed production targets result not from lack of identified oil reserves or technological capability, both of which Petrobras has in abundance in the Campos basin. The problem is lack of capital in the financially stressed country. Petrobras began reassessing its spending plans in 1992 after projections called for a need to spend about $18 billion on exploration and production to meet the target of 1 million b/d by 1995. Those plans are being further reassessed as Brazil's government indicates it might slash Petrobras's budget by half this year amid continuing economic turmoil. The funding dilemma also strengthens the case for at least partially privatizing the giant state petroleum concern, a controversial step at best. The paper discusses Campos surge in production, the Campos potential, deepwater record, Marlim Phase 1, Albacora field production, the possibility of foreign participation, and the Barracuda field pilot.

• OSTI ID: 5501184
• Journal Information: Oil and Gas Journal; (United States), Vol. 92:1; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
29 ENERGY PLANNING
POLICY AND ECONOMY
BRAZIL
ENERGY POLICY
PETROLEUM DEPOSITS
PETROLEUM
PRODUCTION
RESOURCE POTENTIAL
OIL FIELDS
DEVELOPING COUNTRIES
ENERGY SOURCES
FOSSIL FUELS
FUELS
GEOLOGIC DEPOSITS
GOVERNMENT POLICIES
LATIN AMERICA
MINERAL RESOURCES
RESOURCES
SOUTH AMERICA
020200* - Petroleum- Reserves
Geology
& Exploration
020300 - Petroleum- Drilling & Production
294002 - Energy Planning & Policy- Petroleum
293000 - Energy Planning & Policy- Policy
Legislation
& Regulation