Petrobras boss touts deepwater oil discoveries in Campos Basin

Petrobras’ boss on Wednesday touted some “interesting discoveries” made offshore by Brazil’s state oil company in the Campos Basin, according to Reuters.

Speaking to investors at a Sao Paulo seminar, the company’s CEO Pedro Parente did not elaborate on the finds offshore Rio de Janeiro but said further analysis was needed.

The finds are in mature fields where Petrobras has started drilling deeper to the pre-salt layer.

The pre-salt region is believed to contain huge oil and gas resources trapped beneath a layer of salt, which is below the floor of the Atlantic Ocean.

Parente added that in February Petrobras will meet with Brazilian government officials about renegotiating the terms of the 2010 Transfer of Rights contract under which the company bought the right to extract 5 billion barrels of oil equivalent (boe) in designated areas.

With the decline in the price of oil, Petrobras wants to exercise its right of renegotiation under the contract.

One possibility is that the company would add exploration rights for extra volumes of oil in the same areas.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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