Good morning! Today, while other oil firms focus on renewables, Petrobras plans to drill more than ever. Major telecom firm tries to cover up large-scale cyberattack. Bolsonaro dives into his pork barrel to gain support from the North
Petrobras wants to produce more oil than ever
Brazilian oil and gas giant Petrobras announced that it plans to produce up to 20 billion barrels of oil equivalent by 2030, including the share of its partners in some of Brazil’s deepwater pre-salt fields.
Why it matters. In less than a decade, the company plans to almost match its entire output over 68 years of existence. Since being founded in 1953, Petrobras has produced 23 billion barrels of oil equivalent.
The plan. In a statement to the market this week, the company said the production boost would be warranted by the RES20 program, which will increase its fields’ recovery rates (the percentage of total conventional oil volume likely to be produced).
- Brazil’s recovery rates hover around 24 percent, well below those in the North Sea (45 percent, the highest in the world). Examples of individual fields with high recovery factors are Statfjord (North Sea) and Prudhoe Bay (Alaska) with 66 and 47...