Petrobras Aims to Squeeze Maximum Oil Output From Current Fields [Financial Post (Toronto, Ontario, Canada)]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Petrobras is pushing to extract as much oil as possible from its existing fields in Brazil while simultaneously hunting for new reserves to prevent production from starting to decline in the 2030s. The mantra “all the oil counts” will guide the company's next strategic plan that will be unveiled in late November, members of the management team told reporters on Monday. The Brazilian oil giant is looking to revitalize older fields such as those in the Campos basin, where a low recovery rate of 17% “bothers” management, Chief Executive Officer Magda Chambriard said. The company should finish by early next year studies to refurbish four oil platforms in the Campos Basin that would otherwise be scrapped, she said. At stake is how fast Brazil's overall production grows at a time oil prices face multiple headwinds. OPEC+ is poised to begin restoring o
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