Brazil’s Petrobras Targets Rapid Start-Up at Sudoeste de Tartaruga Verde

(Credit: Petrobras)

Brazil's Petrobras could start producing at the Sudoeste de Tartaruga Verde block in about two years, Sylvia Anjos, the state-run oil firm's head of exploration and production, said on Friday.

The firm made a discovery at the block, located in the country's Campos basin, in November. It was "marvelous," Anjos said on the sidelines of an event in Rio de Janeiro.

The tight time-frame for the start of production will be possible because Petrobras does not plan to commission a floating production vessel to develop the well, but to connect it to an offshore unit near the area through a long subsea tie-back, Anjos said.

In its business plan for the 2026-2030 period, Petrobras cut back on investments, due in part to lower Brent prices. This move has led the company to focus on improving the efficiency of existing wells and put some projects under review.

To cut back on costs to develop the Sudoeste de Tartaruga Verde block, Petrobras could use pipelines left over from its exploration of the pre-salt region, Anjos said, instead of acquiring new ones.

Anjos predicted Petrobras would enjoy "incredible cost savings" if it can take advantage of those pipelines.

(Reuters - Reporting by Fabio Teixeira; Editing by Paul Simao)