The recent rise in oil prices on the international market has expanded Petrobras’ investment capacity and allowed the advancement of strategic projects in Sergipe, according to the president of the state-owned company, Magda Chambriard, during the event CNN Talks.
According to the executive, the appreciation of the barrel increased the company’s cash flow and made investment decisions that were previously limited viable. One of the main examples is the Sergipe Águas Profundas project.
“So, for example, we just approved the financing of the Sergipe Águas Profundas project. There were two platforms, we had approved one and this rise in oil prices allowed us to approve both”, he stated.
With the decision, the project will have two platforms in deep waters, with a production capacity of up to 200 thousand barrels of oil per day, in addition to 18 million cubic meters of natural gas per day.
According to Chambriard, the expansion reinforces the relevance of the state of Sergipe in Petrobras’ growth strategy. The company also informed that SBM Offshore won the tender for the construction of the two platforms.
The higher price scenario also directly impacts the company’s investment portfolio. Petrobras approved a US$109 billion plan for the next four years, with the possibility of expansion depending on market conditions.
“When oil prices rise, Petrobras’ portfolio can be expanded,” said the president.
In addition to the projects already under development, the state-owned company continues to advance in the exploration of the Equatorial Margin, a strip that extends from the coast of Rio Grande do Norte to Amapá and is considered one of the country’s new exploratory frontiers.
Petrobras has more than a dozen exploratory wells planned in the region to assess the potential for oil. Currently, the company is in the advanced stage of drilling one of these wells.
“We are drilling a well that is entering phase 4 in the Atlantic Margin. Drilling should be completed in the first half of the year,” said Chambriard.
After completion of this stage, the probe will be moved to the coast of Rio Grande do Norte, where it will continue the exploratory campaign.
