Petrobras is banking on the ultradeep pre-salt area off Brazil’s coast to lift up its status.
The Santos basin could add eight billion to 12 billion barrels to the country’s reserves — at 14 billion barrels of oil equivalent, or BOE, last year.
The company, which awarded contracts for 12 rigs in 2008, still requires 28 more over the coming five years as part of its expansion.
We will divide them (28 rigs) into lots of 5-7, Almir Barbassa chief financial officer said, adding the company will look for bids for the first lot in two to three months.
Each drillship, a rig that can drill up to 3,000 meters in water, is anticipated to cost over $600 million, said Barbassa.
Petrobras is aiming to produce a total of 2.76 million BOE a day this year, and ramp up output to 3.66 million BOE in 2013.
The company supposes the first oil output from Tupi, part of its pre-salt Santos basin, on May 1, 2009.
Pre-salt field output will be competitive at under $40 a barrel, Barbassa said.
In November 2007, Petrobras estimated Tupi had recoverable reserves of five billion to eight billion BOE.
The company has secured most of the financing for its capital spending plans for the coming two years, Barbassa said.
If the average crude oil price is $40 (a barrel), we are going to need $19 billion for 2010, he said.
Petrobras’s capital expenditure for the current and next year will be funded mainly by Development Bank of Brazil, apart from global capital markets and internal resources, he added.
We need more than 200 vessels of different kinds, Barbassa said, adding Petrobras was also keen at adding over one million barrels a day of refining capacity.
