Brazilian government allocates supplementary credit to Petrobras

petrobras oil
Photo: Rafastockbr/Shutterstock

Two weeks after Petrobras announced the discovery of deepwater oil in the Santos basin, the Economy Ministry included BRL 1.3 billion of supplementary credit for the state-controlled oil and gas giant in the 2021 federal budget. The lion’s share of the money will be used for the implementation of an offshore structure in the Santos basin that will focus on oil and natural gas production.

The Santos basin set a record for oil and natural gas production in June, making up 71 percent of all national production, with 2.67 million barrels of oil equivalent per day. In addition, the region’s deepwater pre-salt fields are estimated to have large reserves, competitive costs, and low risk. For Petrobras, operations in the basin’s two fields enabled a 1.2-percent growth in production in Q3 2021.

The rest of the credit will go toward energy research and innovation, as well as to the maintenance of assets, and revamping of a pipeline network.