Petrobras

Petrobras and Shell have brought online the Lula field’s seventh FPSO as the firms continue to ramp up production from the pre-salt Santos Basin.

2019’s class of offshore projects show a wide range of potential sanctioning outcomes.

The unit is flowing oil and gas from the Lula Extremo Sul area, 290 km off Rio de Janeiro state in 2150 m of water.

The new venture will operate several deepwater assets—including the Cascade, Chinook, Medusa, and Thunder Hawk fields.

Equinor and ExxonMobil continued their aggressive pursuit of acreage offshore Brazil, collecting more blocks in the country's 4th pre-salt bid round.

Brazil’s large offshore discoveries and domestic demand for oil and gas are a combination that holds potential for explorers to make money on high-priced blocks. A series of offshore auctions offering more attractive properties at more reasonable terms have attracted aggressive bidding.

With presidential elections looming and energy reforms at a critical juncture, the two Latin American energy powers awarded a bevy of blocks to a who’s who of international oil companies.

One of the largest presalt discoveries offshore Brazil has started producing oil. Libra field’s 1-year extended well test will provide technical data and cash for future development, which envisions three more FPSOs.

Brazil is embarking on a 3-year round of bid sales offering international oil companies multibillion barrel prospects with better contract terms.

The CEOs of Petrobras and Statoil discuss the challenges their companies face in enacting economically and environmentally sound operational policies.