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Petrobras confirms oil find, may be cheaper to develop than presalt area

  • Petrobras (PBR) confirms the discovery of oil fields in a new area off Brazil´s northeast coast that are closer to shore and could be cheaper to develop than larger discoveries further south (earlier).
  • The oil fields found in the Sergipe-Alagoas Basin should start producing ~100K bbl/day of crude in 2018, CEO Maria das Gracas Foster says; she declines to estimate the amount of oil present in the fields, although geologists say they could potentially hold billions of barrels of crude.
  • PBR's long history of production on land in Sergipe state means that some of the infrastructure needed to bring production onstream already exists, helping to reduce costs and logistical challenges.
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Comments (2)
  • DeepValueLover
    , contributor
    Comments (8601) | Send Message
    Too bad PBR is so mismanaged that the new cash flows will just go to waste...
    28 Sep 2013, 06:34 PM Reply Like
  • krames
    , contributor
    Comments (176) | Send Message
    i hope not about the mismanaged revenue. maybe because of the leak that the us has been watching and listening will make them tighten up..
    29 Sep 2013, 06:06 PM Reply Like
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