Sources say that Brazil's Petrobras is looking to add another oil field in Buzios, according to sources

Three sources familiar with the matter said that Petrobras, the state-run oil company in Brazil, has started studies to implement a new platform for oil production on the Buzios oil field.

A source said that each Buzios platform costs an average of $3.5 billion. The vessel under consideration would be a floating production storage and offloading (FPSO) vessel, which is intended to increase gas production in Buzios.

Petrobras has not yet commented.

Buzios, which is located in the Santos Basin, is Brazil's second-largest field by production. Buzios produced approximately 875,000 barrels of equivalent oil per day (boed), out of the total 4.35 million boed that was produced in Brazil, according to ANP data.

According to Petrobras’ 2024-2028 Strategic Plan, the Buzios Project currently comprises 11 units. Five of these have already been installed, and six will be added in 2028.

According to one source, a 12th FPSO could increase capacity by 150,000 boed.

The source said that the studies for the 12th unit are already in progress.

Petrobras, in a statement issued in April, said that with the 11 units currently planned, it expects to produce around 2 million barrels per day of oil by 2030.

Buzios is expected to be the biggest field in the country, representing close to 20 percent of the nation's oil and gas production.

(source: Reuters)