Brazil to Have Its First Serious Discussion on What to Do with New-Found Riches

Petrobras's platform

The city of Rio de Janeiro, in the Brazilian Southeast, will host in June the first major top-level industry wide meeting of all leading players in the exploration of Brazil’s pre-salt oil fields.

“The pre-salt fields are estimated to contain billions of barrels of oil and their discovery is regarded as one of the most exciting oil and gas exploration developments of the decade, providing enormous opportunities for energy companies globally.” said Igor Tavares, director of the Pre-Salt Brazil Congress.

Among the many experts announced for the congress are Petrobras president José Sergio Gabrielli and State Secretary of Economic Development, Energy and Services, Julio Bueno.

In August last year, Brazilian president Luiz Inácio Lula da Silva, proposed changes to the country’s oil laws, including increased state control over the massive crude reserves and changing the current concession regime to a production-sharing system.

According to Igor Tavares, the Rio industry gathering will provide valuable insight into Brazil’s regulatory framework, as well as updates on concessions and licensing rounds for the region’s deep-sea deposits.

“There are also the challenges of overcoming the geological and technological specifics of the pre-salt oil fields and we have some of the industry’s leading experts, such as FloaTEC, who will share their expertise”, says Tavares.

FloaTEC, a deepwater floating production systems producer, is already in business with Petrobras. Earlier this year it signed a billion US dollar deal with Petrobras for the construction of the P-61, TLWP platform that will be set up in the Papa Terra field in the Campos Basin.

FloaTEC President Eric Namtvedt describes the offshore pre-salt discoveries in Brazil as “the new frontier for the industry” and says the P-61, TLWP platform allows for direct vertical access into the well bore.

“Wells with direct vertical access have greater reservoir recovery potential than traditional sub-sea wells due to the lower costs associated with well intervention and the opportunity to employ secondary recovery techniques”, he added.

The Pre-Salt Brazil Congress will address the following aspects of developing the pre-salt oil reserves: Operation investment, finance options, fundraising and new investors; Sub-sea technologies – operation and development of effective systems for pre-salt production; Drilling and wells: cutting edge technologies and advances to produce at pre-salt layers.

Mercopress

Tags:

You May Also Like

US Inflation Brings Brazilian Stocks Tumbling Down

Brazilian stocks plummeted, in line with the U.S. market, as investors reacted to disappointing ...

43.7% of Brazilian Jobs Go to Women, a Slight Growth

Women’s participation in the Brazilian labor market increased in the country’s six major metropolitan ...

Lula’s US$ 856 Billion Growth Plan Will Start Only After He Leaves Office

From the total 1.59 trillion Brazilian reais (US$ 856 billion) forecasted for investment in ...

Down with the dictatorship, writes a tagger in 1968 Brazil

The Military and the Rural Elite Unholy Alliance Maintains Brazil Poor and Unequal

A very strong traditional establishment governed Brazil since its colonization. Arguably, the most powerful ...

Lawyers for Sister Dorothy’s Murder Trying Again to Get Him Out of Jail

Vitalmiro Bastos de Moura, aka Bida, the landowning farmer accused of being one of ...

Brazil Believes It Can Have Social Indicators of Rich Country in 6 Years

Brazil may achieve social indicators similar to those of developed countries by 2016 if ...

Brazil Cuts Interest Rates and Market Comes Tumbling Down

Latin America turned sharply lower across the region, alongside U.S. market weakness. Some analysts ...

Multinational’s GMS Experimental Field Invaded by Brazilian Activists

Members of the world network of rural workers "Via Campesina" invaded this Tuesday, March ...

Brazilian Invention Lowers Price of Pumped Oil

A new device capable of simultaneously injecting steam and extracting petroleum from wells and ...

Venezuela in Protest Against US Leaves CAN to Join Brazil in Mercosur

The Andean Nations Community (CAN) secretariat received last weekend Venezuela’s official relinquishment from the ...