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Brazil Is Destined to Become One of the World's Top Five Oil Producers
Yahoo Finance· 2025-09-29 17:00
Core Insights - Brazil is identified as a key non-OPEC oil producer driving global production growth, with significant offshore oil discoveries leading to a boom in production [1] - By June 2025, Brazil achieved an average hydrocarbon output of 4.9 million barrels of oil equivalent per day, setting a record for the country [2] - Petrobras plans to invest $111 billion from 2025 to 2029, focusing on upstream assets to enhance production capabilities [3] Investment and Production Plans - Petrobras will allocate nearly $8 billion of its exploration and production budget to drill 51 new wells, primarily in offshore basins [4] - The company aims to boost operated hydrocarbon output to 4.5 million barrels of oil equivalent per day by 2029, with a significant portion coming from pre-salt assets [5] - The investment plan includes bringing 10 new floating production storage and offloading (FPSO) vessels online by the end of 2029, with additional projects under consideration [4]
Petrobras Awards a PRM Contract to Geospace to Install OptoSeis
ZACKS· 2025-06-17 13:06
Core Insights - Petrobras has awarded a multi-year contract to Geospace Technologies for the deployment of the OptoSeis Permanent Reservoir Monitoring system in the Mero Fields 3 and 4, emphasizing its commitment to advanced technology for improved oil recovery and production efficiency in the Santos Basin [1][9] Project Overview - The project will involve the installation of nearly 500 km of the OptoSeis PRM system over an area of 140 square kilometers on the Mero seabed, located 180 km off the coast of Rio de Janeiro [2][9] - The contract is set to commence in June 2025 and includes engineering, procurement, construction, and system operations, with Blue Marine Telecom managing the installation [3] Technology Details - The OptoSeis system, developed by PGS and now owned by Geospace, is designed to enhance oil production monitoring at the Mero field, having previously demonstrated its capabilities in the Jubarte field [4][8] - Equipped with multicomponent sensors, the OptoSeis system captures seismic energy with high fidelity and low noise levels, ensuring superior data quality compared to existing technologies [5] Mero Field Overview - The Mero field is situated in ultra-deep waters of the Santos Basin, with depths ranging from 1,800 to 2,100 meters, and has a total installed capacity of 770,000 barrels of oil per day across its FPSO units [6] - The field is operated by a consortium led by Petrobras, in collaboration with Shell Brasil, TotalEnergies, CNODC, CNOOC, and Pré-Sal Petróleo S.A. [7] Strategic Implications - The selection of the OptoSeis system highlights Petrobras' leadership in deploying innovative technologies for complex offshore environments, aiming to maximize asset value while ensuring environmental responsibility [8]