• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 28 mins China sends warplanes thru Taiwan airspace. Joe's reponse . . . .
  • 5 hours Joe Biden's Presidency
  • 55 mins Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 6 hours Navalny Poisoning Weakens Russo German Relations
  • 23 mins The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 1 day So Is COVID a Media Hoax or Not?
  • 6 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 8 hours Will Empire be brazen about stealing OIL from Venezuela?
  • 12 hours Minerals, Mining and Industrial Ecology
  • 1 day a In 2020, we produced and delivered half a million cars.
  • 1 day JACK MA versus Xi Jinping
IEA Slashes Oil Demand Outlook For 2021

IEA Slashes Oil Demand Outlook For 2021

The International Energy Agency cut…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Petrobras Launches Development Of Major Deepwater Oil Field

Brazil’s state oil major Petrobras has launched a new phase in the development of the first deepwater oil project since the start of the crisis, at the Mero field in the Santos Basin.

According to a report by BNAmericas, the Brazilian major had commissioned a floating production, storage, and offloading vessel for the field from MISC Berhad, a subsidiary of Malaysia’s Petronas, with a capacity of 180,000 bpd of crude oil and 12 cubic meters of natural gas daily.

The Marechal Duque de Caxias FPSO will be the third platform to be deployed at the Mero field, which is part of the prolific presalt zone of Brazil that holds most of its untapped oil and gas wealth.

The oil price collapse put an end to many development projects, but the Mero field has pretty low production costs, at $35 a barrel, according to BNAmericas, which makes it commercially viable even at current oil prices. The field is currently producing some 26,000 bpd, as of June. This will be boosted with eight more wells that will feed oil and gas to the Marechal Duque de Caxias FPSO beginning in 2024.

Demand for Brazilian crude seems to be strong: last month, Petrobras also launched a tender for another three FPSOs, to be deployed at the Buzios field—another deepwater monster in the presalt zone—with plans to boost production from the field to as much as 2 million bpd.

These are long-term plans, however. The 2-million-bpd production rate should be reached by 2030, making Buzios the largest producing field in Petrobras’s portfolio.

Petrobras also aims to make better use of the associated natural gas in its prolific oil-rich pre-salt area by having offshore liquefied natural gas (LNG) units to process the gas, whose production has been rising with growing oil output in the area.  

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News