Mar 2019: ANP approved pre-announcement of the 16th Round of Bids for Blocks to be held in October. It will offer 36 exploration blocks in 5 basins (Campos, Camamu-Almada, Jacuípe, Pernambuco-Paraíba and Santos). Signing of contracts is scheduled for February 2020.
Mar 2019: Petrobras has started production of oil and natural gas at P-77, the 4th platform to be put into production in the pre-salt Búzios field of the Santos Basin. It has a capacity to process up to 150,000 bbls of oil per day and compress over 2 bcm of gas a year.
Feb 2019: Petrobras started production of oil and gas from the P-76 FPSO, the third platform in the Búzios field in the pre-salt of the Santos Basin. It has a capacity to process up to 150,000 bbls of oil per day and compress over 2 bcm of gas a year. Another platform, P-77, is also expected to start-up in 2019.
Feb 2019: Petrobras (operator, 65%) started production from the Lula Norte area in the Santos Basin into the P-67 FPSO from 9 wells. It is the 9th unit installed in the BM-S-11 block with a capacity to process 150,000 bbls of oil per day and compress 2 bcm a year of gas at a water depth of 2,130m. Shell (25%) and Petrogal (10%) are partners.
Nov 2018: Petrobras has begun oil production at its P-75 platform in the presalt Buzios-2 field in the Santos Basin. The FPSO will be able to produce up to 150,000 bbls of oil per day and 2 bcm a year of gas. P-75 is the fourth platform to start production following FPSO Cidade Campos dos Goytacazes in the Tartaruga Verde Field, P-69 in the Lula Field and P-74 in the Buzios Field.
Oct 2018: Production started from the Lula Extremo Sul area in the Santos Basin via the P-69 FPSO in a water depth of 2,150m. Capacity is 150,000 bbls of oil and 6 mmcm of gas per day through 8 producing wells, with 7 injection wells. Lula is the largest producing field in the country in the BM-S-11 concession. Petrobras is operator (65%) with Shell (25%) and Petrogal (10%).
Sep 2018: The 5th Production Sharing Round had all its 4 deep water, pre-salt blocks (Saturno, Tita, Pau-Brasil and Sudoeste de Tartaruga Verde) acquired by Shell, ExxonMobil, BP and Petrobras respectively.
Jun 2018: Petrobras announced start of production at the Tartaruga Verde field using the FPSO Cidade de Campos dos Goytacazes in a water depth of 765 m. Tartaruga Verde lies in the post-salt southern Campos basin and consists of 2 reservoirs, Verde (Petrobras, 100%) and Mestiça (Petrobras, 69.35%).
May 2018: QGEP has started production from its Atlanta offshore field in water depths of 1,500m in Block BS-4 in the Santos Basin using an EPS through the Petrojarl 1 FPSO. The field is expected to reach 20,000 bbls of oil per day from two wells. This phase will lead to establishment of the full development system with production up to 75,000 bbls per day .
Apr 2018: Petrobras started production from the Buzios field in the pre-salt Santos Basin through the P-74 FPSO, located 200 kms off the State of Rio de Janeiro at a water depth of around 1,900m. It is the 13th platform in the pre-salt and is connected to 9 wells. Four more units will be installed up to 2021.
Mar 2018: Exxon Mobil were awarded 8 blocks out of 22 (6 as operator) in Brazil’s latest Licensing Round along with Petrobras and Qatar Petroleum in the Campos Basin. Chevron, Repsol, Shell, BP and Statoil were also awarded offshore blocks in the Round in which bids exceeded expectations despite removal of 2 of the most attractive blocks in the pre-salt area of the Santos basin.
Nov 2017: Petrobras (operator, 40%), with Total (20%), Shell (20%), CNOOC (10%) and CNPC (10%), announced first oil from the Libra field in ultra-deep waters 180 kms offshore of Rio de Janeiro, in the pre-salt Santos Basin. Oil is flowing into the Pioneiro de Libra FPSO with a capacity of 50,000 bbls. This is being used as an EPS to optimize subsequent development with a larger FPSO.
Sep 2017: The 14th Round for oil and gas exploration had the largest signature bonus in history although only 37 blocks were acquired out of 287 available. In total, 20 companies from 8 countries participated, of which 17 acquired blocks in 8 sedimentary basins (Parnaíba, Potiguar, Santos, Recôncavo, Paraná, Espírito Santo, Sergipe-Alagoas and Campos).
Aug 2017: Oil production from the Libra area has been delayed until October due to a technical problem connecting the extended production test to the FPSO. Initially 30,000 bbls of oil per day is planned. Petrobras is operator with Shell, Total, CNPC and CNOOC.
Aug 2017: Petrobras has made an oil discovery in the Poraque Alto well in the Campos Basin pre-salt layer under the Marlim Sul field; the first in the area. The well is located 115 kms off the coast of Rio de Janeiro State at 1,107m water depth.
May 2017: Shell (BG) (25%) and partners, Petrobras (operator, 65%) and Galp (Petrogal) (10%) announce that production has started at FPSO P-66 in the deep water, pre-salt, Lula South field. It is the first in a series of standardized vessels to begin production within the BM-S-11 block
Dec 2016: Petrobras has started to pump oil and natural gas from the Lapa subsalt field in the BM-S-9 licence in the Santos basin in 2,140m of water. FPSO Cidade de Caraguatatuba can process up to 100,000 bbls of oil per day. Petrobras is operator with BG, a subsidiary of Shell, and Repsol Sinopec.
Jul 2016: Petrobras has connected its first production well on the Lula field in BM-S-11 to the FPSO Cidade de Saquarema. This is the tenth major production system operating in the pre-salt area and will include 18 wells. The vessel has a processing capacity of up to 150,000 bbls of oil per day in a water depth of 2200m. Petrobras is operator (65%) with BG, now Shell (25%) and Petrogal (10%).
Jul 2016: Petrobras has put up for sale the rights to 9 shallow water concessions in the states of Sergipe and Ceara which produce an average 13,000 bbls of oil per day.
Jun 2016: The Libra Consortium finished the 7th well in the Libra block, drilling the thickest net pay of 27º API oil ever discovered (410 m). The 8th well is currently being drilled. The Consortium comprises Petrobras (operator, 40%), Shell (20%), Total (20%), CNPC (10%) and CNOOC (10%).
Mar 2016: Shell (operator, 50%) announced start-up of phase 3 of the deepwater Parque das Conchas (BC-10) oil development in the Campos basin. It comprises 5 producing wells in two fields (Massa and O-South) and two injection wells in water depths greater than 1,780 m. They are tied back to the FPSO Espirito Santo. Partners are ONGC (27%) and QPI (23%).
Mar 2016: Petrobras announced start-up of the EPS in the Sépia field (former Nordeste de Tupi) in the pre-salt layer of the Santos Basin. The FPSO Cidade de São Vicente will produce around 20,000 bbls of oil per day during a 180 day test period from 1 well in 2,200m of water.
Feb 2016: Petrobras has started production into the FPSO Cidade de Maricá over the Lula field, from the pre-salt layer of the Santos Basin. The vessel is 270 kms from the coast at a water depth of 2,120m. It has a production capacity of up to 150,000 bbls of oil per day. The pre-salt layer of the Santos and Campos basins now accounts for 35% of Brazil’s oil production.
Nov 2015: Petrobras (operator, 40%) confirmed oil with the Pitu North-1 well in the Pitu area, Potiguar Basin, in 1,844 m of water, drilled as part of the Pitu Discovery Evaluation Plan. Pitu was first drilled in 2013. Partenrs in the BM-POT-17 concession are BP (40%) and Petrogal (20%).
Nov 2015: Petrobras (operator, 80%) with (20%) filed a declaration of commerciality for the Sepia Leste pre-salt field in the NW of the Jupiter Discovery Evaluation Plan (PAD) in Block BM-S-24 in a water depth of 2,165m. The BM-S-24 consortium and Petrobras are discussing unitization with the larger, connected, Sepia field. Start-up is scheduled for 2019.
Oct 2015: Brazil’s 13th licensing round offered 266 blocks, but sold only 2 offshore and 35 onshore. Petrobras did not to take part for the first time and majors such as Shell, Exxon, BP, Statoil, Rosneft and CNOOC di d not bid. Only 17 companies submitted bids, 11 from Brazil. The two offshore blocks in the Sergipe-Alagoas basin went to QGEP.
Aug 2015: BG announced first oil from the Cidade de Itaguaí FPSOon from the Iracema Norte area of the Lula field in the BM-S-11 block. The vessel is moored in 2,220m of water. BG has 25% interest along with Petrobras (operator, 65%) and Petrogal Brasil (10%).
Jun 2015: ANP will offer 185 onshore and 84 offshore blocks in its 13th bidding round scheduled for October 2015. Onshore it will offer 7 in the the Amazonas basin, 22 in Parnaíba, 71 in Potiguar and 85 in Reconcavo. Offshore it will offer 10 in the Sergipe-Alagoas basin, 4 in Jacuípe, 9 in Camamu-Almada, 7 in Espirito Santo Basin, 3 in Campos and 51 in Pelotas.
May 2015: Petrobras (operator, 66%), Galp (14%), QGEP (10%) and Barra (10%) confirmed the giant Carcará oil field in BM-S-8 block, discovered in 2012, is very large with the drilling of the 3-SPS-105 well in Carcará North. This is connected to the 400m oil column identified in Carcará.
Mar 2015: Petrobras announced start-up of TLP P-61 in the Papa Terra field in the south Campos basin ( water depth 1,200m) and tied back to FPSO P-63, which came onstream in 2013. There are 5 production and 6 injection wells connected to P-63 and 13 dry tree wells will be connected to P-61. The heavy oil field is owned by Petrobras (operator, 62.5%) and Chevron (37.5%).
Mar 2015: Petrobras announced the start-up of the EPS (using the FPSO Dynamic Producer) at the Búzios Field in the Santos Basin in up to 2,100m of water in the Transfer of Rights area. Production will be limited to 15,000 bbls of oil per day for 6 months. The field’s permanent production system will be platform P-74.
Mar 2015: Statoil and Sinochem have submitted the PoD for Peregrino Phase II entailing a new WH platform and drilling rig (Platform C) tied-back to the existing FPSO. It adds 250 mm bbls to the Peregrino field with an investment of US$3.5 bn and is expected to start production at the end of the decade. A total of 21 wells, including 6 water injectors are planned.
Feb 2015: Petrobras (operator, 65%) has announced the discovery of a new heavy oil accumulation (Basilisco) in concession BM-C-35 (exploratory block C-M-535) in the Campos Basin post-salt. The well is at a water depth of 2,214m. BP (35%) is the other partner.
Jan 2015: Petrobras (operator, 60%) and IBV Brasil (Videocon and Bharat Petroleum, 40%) have found more light oil in the Sergipe Basin off the northeast coast in the Farfan prospect, BM-SEAL-11 block. This block is the biggest new oil frontier in Brazil since discoveries in the Santos Basin in 2007. Production is planned for 2018 but will probably be delayed.
Nov 2014: BG announced start-up of the Cidade de Ilhabela FPSO, the second on the Sapinhoa field in Block BM-S-9 in the pre-salt Santos Basin. The FPSO can process 150,000 bbls of oil per day. The Cidade de Sao Paulo FSPO started producing in Jan 2013 and is now at plateau production.BG has 30% with Petrobras (operator, 45%) and Repsol Sinopec (25%).
Oct 2014: Petrobras has found gas and condensate in the Lontra well at a water depth of 1,319m within the Espírito Santo Basin. The well is 81 kms offshore Espírito Santo state in the Golfinho concession area. Petrobras is the operator with 100%.
Oct 2014: Cidade de Mangaratiba FPSO has begun operating in the Santos Basin pre-salt Iracema Sul area in the Lula field on Block BM-S-11. The FPSO is at a depth of 2,200m and will process up to 150 ,000 bbls of oil per day and 3 bcm of gas a year including reinjected gas. It will be connected to 8 production and 8 injection wells with production peaking in 2016.
Oct 2014: Petrobras has announced the discovery of gas in an Espirito Santo Basin post-salt reservoir. The well is called Tanganika and is at a water depth of 1,043 m in the Malombe Discovery Evaluation Plan (PAD). Petrobras (89.89%) partners Repsol Sinopec (11.11%).
Sep 2014: Petrobras will deploy 13 FPSOs in the pre-salt Santos Basin by 2017 in Blocks BM-S-9, BM-S-11 and in the Cessao Onerosa region. They will cost over US$50 bn.The first of these will be the Cidade de Ilhabela in the Sapinhoa North field, to start operations later in 2014.
Aug 2014: Petrobras (operator, 100%) has tested oil and gas in the second appraisal well drilled in the Moita Bonita field in the Sergipe-Alagoas Basin in concession BM-SEAL-10. Moita Bonita was discovered in 2012 at a water depth of 2,775m.
Aug 2014: Petrobras has confirmed an extension of the Jupiter discovery in the Santos Basin pre-salt block BM-S-24 after drilling the Apollonia well in a water depth of 2,183m; the fourth well in the Jupiter area. The block is operated by Petrobras (80%) with Petrogal Brasil (20%).
Jul 2014: Oleo e Gas Participaçoes (OGpar), formerly known as OGX, has started production from the third well in the Tubarao Martelo field in the Campos basin and the fourth well is due to start soon using FPSO OSX-3. The expansion of the Tubarao Martelo field project is critical to the financial reorganization of the company.
Jun 2014: Petrobras has started the Extended Well Test (EWT) in the Iara evaluation area on block BM-S-11, 300 kms off the coast at a water depth of 2200m. The test is on well 3-BRSA-1132-RJS (RJS-706) in the western section of the Iara Evaluation Plan using the FPSO Dynamic Producer. Initial production is 29,000 bbls of oil per day. Petrobras is operator (65%) along with BG (25%) and Petrogal (10%).
May 2014: Petrobras has started-up FPSO P-62 in the Roncador field at a water depth of 1,600m in the Campos Basin. P-62 is part of the Module 4 project with 22 wells (14 production and 8 injection) and a capacity to process up to 180,000 bbls of oil and 6 mm cm of gas per day. Oil will be transported by shuttle tanker and gas via pipeline. P-62 will operate in conjunction with P-52, P-54 and P-55.
May 2014: Petrobras has announced that the pre-salt Entorno de Iara area contains at least 5bn bbls of oil after a third well was drilled. Lying in around 2200m of water off Rio de Janeiro, the area includes the Franco field. Petrobras bought rights to this region from the government as part of a share sale.
Apr 2014: McDermott has installed the P-61 Tension Leg Wellhead Platform on the Papa Terra field for Petrobras and Chevron. This is the first dry tree riser TLP in Brazil and the first TLP in South America.
Mar 2014: Petrobras has announced that platform P-58 has started operation off Espirito Santo state in the Campos Basin. P-58 is part of the North project of Parque das Baleias, which includes production from the Baleia Franca, Cachalote, Jubarte, Baleia Azul and Baleia Ana fields at a water depth of 1,400m. A total of 15 production wells (8 pre-salt and 7 post-salt) plus 9 injection wells will be connected.
Feb 2014: QGEP, operator with 30%, along with OGX (40%) and Barra Energia (30%) announced results of the first horizontal well for the Early Production System (EPS) on the Atlanta Field in Block BS-4. Atlanta is a post-salt heavy oil field in the Santos Basin in water depths of 1,500m. Potential well production rates may reach 12,000 bbls per day. QGEP will launch bidding for FPSOs and first oil expected in early 2016.
Jan 2014: Petrobras (40%), Shell (20%), Total (20%), CNOOC (10%) and CNPC (10%), with Pré-Sal Petróleo, approved the 2014 US$500mm plan for the Libra oilfield. Activities include seismic reprocessing, drilling 2 wells and studies for a seismic survey and, at the end of 2016, an extended well test. Libra, discovered in 2010, lies in ultra deep waters of the Santos Basin pre-salt.
Jan 2014: Petrobras has started production from its P-55 platform in the Roncador field, linked to 11 oil producing wells in the Campos Basin. P-55 is expected to process 180,000 bbls of oil per day and compress 2.2 bcm of gas each year. Output from Roncador has been declining. The 52,000-tonne P-55 is the largest semi-submersible platform built in Brazil.
Dec 2013: Petrobras (45%), operator of Block BM-S-9 in the pre-salt Santos Basin, and its partners BG (30%) and Repsol Sinopec (25%) have submitted a Declaration of Commerciality to the ANP for the oil and gas accumulations in the Carioca area. The field will now be named Lapa. The field is located 270 kms off the coast of Sao Paulo state in water depths of 2,140m.
Dec 2013: Petrobras has announced that the appraisal well drilled on concession BM-SEAL-10 in ultra-deep waters (2,800m) of the Sergipe-Alagoas Basin has confirmed the extension of the Moita Bonita gas and light oil discovery made in 2012. Petrobras is the operator of BM-SEAL-10 with 100%. It owns 75% of the adjoining BM-SEAL-4 with ONGC (25%).
Dec 2013: Petroleo e Gas (formerly OGX) and Petronas announced the start of production at the Tubarao Martelo field in blocks BM-C-39 and BM-C-40, in the Campos Basin. Production is through the OSX-3 FPSO. Installation of the WHP-2 platform and production from 2 more wells begin in 2014. Tubarao Martelo is planned to reach a peak production of 30,000 bbls per day.
Dec 2013: Petrobras has acquired 49 blocks, out of the 50 for which it presented offers in the 12th Bidding Round. Among the blocks, 22 were in partnership with 16 operated by Petrobras and 6 by partners. Of the frontier areas Petrobras has invested primarily in the Paraná and Acre-Madre de Dios basins with a focus on natural gas.
Nov 2013: The Franco field in the Santos basin could have as much oil as the Libra field reports the oil regulator ANP. Petrobras expects to begin oil production at the Franco field in 2016. Libra is not due to enter production until 2020.
Nov 2013: Petrobras (operator, 62.5%) and Chevron (37.5%) have started oil production from Papa-Terra’s FPSO. Located 110 kms southeast of Rio de Janeiro at a water depth of 1,190m in the southern Campos Basin, Papa-Terra is a heavy oil development within Block BC-20. Discovered in 2003, it features an FPSO and will have the first TLP in Brazil operational in 2014.
Oct 2013: Petrobras (operator, 40%), Shell (20%), Total (20%), CNPC (10%) and CNOOC (10%) have won a 35-year PSC to develop the Libra pre-salt oil field in the Santos Basin in water depths of just under 2000m. Libra is one of the largest deep water oil accumulations in the world estimated to contain around 10 bn bbls.
Oct 2013: Petrobras has discovered oil and gas in the Bracuhy well at a water depth of 2,251m in block BM-S-24, Santos Basin pre-salt. This is the third well drilled in the Jupiter area and lies 26 kms NE of the original discovery well drilled in 2007. Petrobras is operator with 80% along with Petrogal Brasil (20%).
Oct 2013: Shell, operator with 50%, Petrobras (35%) and ONGC (15%) have begun production from phase 2 of the Parque das Conchas (BC-10) project tied back to the Espirito Santo FPSO. Phase 1 began in 2009 with the Abalone and Ostra fields and the Argonauta B-West reservoir. Peak production was 90,000 bbls per day in 2010. Phase 2 connected a fourth reservoir, Argonauta O-North. Phase 3 will include installation of infrastructure at the Massa and Argonauta O-South reservoirs.
Sep 2013: Petrobras says it will produce 100,000 bbls a day from its offshore Sergipe prospects by 2018. The company reports that drilling in the northeastern state of Sergipe by Petrobras and partners Bharat Petroleum and Videocon Industries in blocks SEAL 10 and 11 suggest the area holds more than 1 bn bbls of oil.
Aug 2013: Petrobras has confirmed the potential of the 2012 Muriu oil and gas discovery in the Sergipe basin. The appraisal well was drilled in 2432m of water in the BM-SEAL-10 concession 83 kms from the city of Aracaju in north-east Brazil.
Jul 2013: Shell will boost production with 2 deepwater projects at Parque das Conchas (BC-10) and the Bijupira/Salema fields. For BC-10, Phase 3 will include the installation of subsea infrastructure at the Massa and Argonauta O-South fields, tied back to the Espirito Santo FPSO. Phase 3 is expected to reach a peak production of 28,000 bbls per day. For Bijupira/Salema fields, a re-development includes 4 new production wells to increase production to 35,000 bbls per day in 2014.
Jul 2013: Petrobras has sold stakes in 5 blocks in the Potiguar basin in northeastern Brazil to BP. BP is hoping that discoveries off the coast of West Africa and French Guiana would be matched in Brazil. BP said it will take 30% stakes in 2 blocks; POT-M-663 and POT-M-760, and 40% stakes in 3; POT-M-665, POT-M-853 and POT-M-855.
Jul 2013: The ANP suggests that peak output at the offshore Libra pre-salt area in the Santos basin, 170 kms off the coast of Rio de Janeiro, should reach 1 mm bbls per day. An auction of the area is set for October in which PSCs will be offered.
Jun 2013: Petrobras has announced FPSO Cidade de Paraty went onstream in the Santos Basin Lula Nordeste pre-salt field at a water depth of 2,120m. It can process up to 120,000 bbls of oil per day (29 degree API) taken off by tankers and 1.8 bcm of gas per year piped to the Monteiro Lobato Gas Treatment Unit in Caraguatatuba through the Lula-Mexilhão pipeline. Another 7 production and 6 injection wells will be connected. Lula Nordeste is the second of 10 modules on the Lula field including the Iracema area. Block BM-S-11 is operated by Petrobras (65%) with BG (25%) and Petrogal (10%).
May 2013: Petrobras has acquired the most blocks offered in the 11th Bid Round held by the National Petroleum Agency (ANP). Petrobras bought, whether on its own or in partnerships, 34 of the 289 blocks offered in the bid in the Foz do Amazonas, Espírito Santo and Barreirinhas Basins and especially in the Parnaíba Basin.
Feb 2013: Oil production at Petrobras fields in the pre-salt areas of the Campos and Santos basins has reached 300,000 bbls per day from 17 wells, 6 in Santos (43% of production) and 11 in Campos (57% of production). Output is from 8 different platforms, four of which (Lula, Baleia Azul, and 2 at Sapinhoa) produce exclusively from the pre-salt. Twelve more platforms are scheduled go onstream, all but one in Santos, up to 2016 and output is expected to exceed 1 mm bbls per day in 2017.
Feb 2013: Petrobras has started oil production from the Bauna field with the FPSO Cidade de Itajai in block BM-S-40, southern Santos Basin, at a water depth of 275m. Eleven wells (6 producers and 5 injectors) will be connected as part of the development of the Tiro (Bauna) and Sídon (Piracaba) accumulations. The FPSO can process up to 80,000 bbls of oil per day. Petrobras holds 100% of block BM-S-40. Petrobras has put 3 systems onstream this year already, including FPSO Cidade de Sao Paulo on Sapinhoa and FPSO Cidade de Sao Vicente on Sapinhoa Norte in February.
Jan 2013: BG Group announced the start of production at the Sapinhoa field four-and-a-half years after its discovery in block BM-S-9 in the pre-salt Santos Basin. The Cidade de Sao Paulo FPSO is the first unit deployed on the field and the second of 15 FPSO vessels planned in blocks BM-S-9 and BM-S-11. A second FPSO on the Lula field in block BM-S-11 will start-up later in 2013. These 2 units will increase processing capacity from 100,000 bbls of oil 340,000 bbls of oil per day.
Nov 2012: Petrobras has contracted a floating production system to be used at the Iracema Norte field (Cernambi). The 150,000 bbl per day FPSO will receive tie-ins from 8 production and 8 injection wells in the BM-S-11 block. Production, 300 kms off Brazil in water depths of 2234 metres, is expected to begin in 2015. The Tupi-BV consortium on Block BM-S-11 is operated by Petrobras with 65%, along with BG Group (25%) and Petrogal (10%).
Oct 2012: Petrobras has drilled Carioca Norte in the pre-salt layer of the Santos Basin. Results confirm the presence of light oil at the Carioca structure, which had already been drilled by Carioca, Carioca Nordeste and Carioca Sela in block BM-S-9. It lies in ultra-deep waters at a depth of 2,152 m, 275 kms off the coast of São Paulo. The BM-S-9 consortium is operated by Petrobras (45%) with BG (30%) and Repsol Sinopec Brasil (25%).
Sep 2012: Brazil will hold a long-delayed 11th round of bidding for offshore oil and gas concessions in May 2013. A total of 174 blocks (UPDATE: 298 blocks reported in Jan 2013) will be auctioned in the round. The country’s last oil round concession bidding was held in Dec 2008. The government has also scheduled the first round of bidding for exploration of the country’s pre-salt offshore oil blocks for November 2013.
Sep 2012: Petrobras has announced the start of oil production at the Baleia Azul pre-salt field in the offshore Campos Basin. The Cidade de Anchieta FPSO is one of two new production systems that Petrobras will put into operation in 2012. It has also announced plans to bring Bauna and Piracaba fields online in October. Petrobras holds a 100% stake.
Aug 2012: Petrobas reported a pre-salt oil discovery success rate of nearly 80%. The company has drilled 67 wells in the pre-salt area and 20% have been dry. Petrobras's average oil discovery success rate in its drilling campaigns is 59% (world average 30%). (Note from Globalshift: of course success rates depend on the definition of success). Petrobras spends 4.5% of its investments outside Brazil.