Buzios drives Petrobras growth

摘要

Brazil’s pre-salt sector is shrugging of the Covid-19 downturn to maintain growth plans led by the giant Buzios feld, where rapidly rising output means it will soon overtake state-controlled Petrobras’ first pre-salt giant, Tupi. Buzios, located in the Santos basin transfer-of-rights (TOR) region, is the world’s largest deepwater deposit, operator Petrobras claims, although the actual size of its recoverable reserves - estimated at 10bn-13bn bl of oil equivalent (boe) - has not been disclosed. The feld’s development is expected to swallow up almost a quarter of Petrobras’ $75.7bn projected capital spending for 2020-24 - a share that is likely to increase under the next plan, scheduled for publication in December, as the downturn in global oil markets forces budget cuts elsewhere.