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 (11220) | 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 (174) | 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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