Petrobras Awards Major Offshore Contract to SLB Worth $800 Million [Yahoo! Finance]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
Company Research
Source: Yahoo! Finance
SLB will offer integrated services for all offshore fields operated by Petrobras, particularly in the Campos, Santos and Espirito Santo basins. The deal is valued at $800 million. Per the terms of the agreement, SLB shall be responsible for managing the construction of more than 100 deepwater wells. The company mentions that this is included in Petrobras' broader strategy to revive its already productive fields to optimize production. Additionally, the construction of these deepwater wells is also aimed at exploring new areas for development. As part of the ongoing contract, SLB may also support PBR's operations in a region known as the Equatorial Margin. The region is known to have promising oil and gas reserves. However, Petrobras' plans to conduct exploration activities in the Equatorial Margin are contingent upon securing a license that has been long-sought by the Brazilian state-owned oil and gas company. If Petrobras successfully secures the license, then SLB shall support P
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