Petrobras finds Pre-salt Economically Viable
Regarding the article entitled "Oil desaba e já é ao ameaça pré-sal" (Oil and threat subsides and the pre-salt), released today, 6/1, in the newspaper "O Globo", Petrobras clarifies that is increasing its production capacity of oil and gas in the Brazilian pre-salt economically viable manner. The company reports that the break even (minimum price per barrel from which production is economically viable) planned at the time the projects pre-salt production were approved, it stood at around US $ 45 per barrel, including taxation and excluding expenses with gas transport infrastructure. To consider, that value may increase between US $ 5 and US $ 7 per barrel.
Also, the break event aforementioned into account wells flow between 15 and 25 thousand barrels per day. Petrobras currently produces pre-salt at an average flow of 20,000 barrels per day. Some wells Pre-Salt Pole of the Santos Basin have reached more than 30,000 barrels of oil per day, with a positive effect on the cheapness of projects flow. This high productivity allowed, for example, that the pilot production of FPSO Cidade de São Paulo (ship platform operating in the field of Sapinhoá) and FPSO Cidade de Paraty (installed in the field of Lula) units reached their maximum production capacity, 120 thousand barrels per day, with only four interconnected to each of those units producing wells.
This calculation considers all project costs (investment, operating costs and taxation) are associated with the level of input prices prevailing at the time of approval. It is also important to note that the costs of providing goods and services industry historically correlated with oil prices in the international market. When there is a significant reduction, as in the case of the current price level of the barrel, this is accompanied, though not immediately, a decrease of costs in important segments of goods and services sector. The effect of this reduction partly offset the loss of revenue caused by the decline in oil prices.
It is also important to note that investment decisions Exploration & Production projects especially those aimed at Deeper waters are based on scenarios that incorporate a long-term vision, not only for prices but also for all other inputs and project costs.
High productivity - you can assess the enormous potential of the pre-salt based on the high productivity of wells in operation. On December 16, for example, oil production in company-operated in the pre-salt in the Santos and Campos basins fields reached the historic mark of 700 thousand barrels of oil per day (bpd), with the contribution of only 34 interconnected to 12 different platforms, with eight of these occurring exclusively in the pre-salt producing wells. This volume was achieved only eight years since the first oil discovery in the province, in 2006, just six months after the company reached the mark of 500,000 bpd in July.
They come contributing to company performance in the pre-salt the results obtained strategic programs PRC-Poco (Cost Reduction Program in Wells) and PRC-Sub (Cost Reduction Program Submarines). These programs integrate initiatives are incorporating continuous improvements in reducing the duration and cost not only of the wells, but also of subsea facilities projects Exploration and Production, contributing to further increase the economic competitiveness of projects pre-salt. As an example of productivity improvement that has been achieved since 2010, it is noteworthy reduction of around 60% at the time of construction of wells in the fields of Lula and Sapinhoá, both in the Pre-Salt Pole of the Santos Basin.
