Petrobras has saved about $1 billion in cost reductions, design optimization and productivity gains since it launched its well cost reduction program in 2013, the company said in a news release. These savings are expected to increase as growing numbers of production development wells are constructed in presalt areas.

Savings increased from $344 million in 2013 to $1 billion by year-end 2014, Petrobras said.

The program is composed of 23 initiatives: four designed to reduce unit costs, six to optimize designs, and 13 to improve productivity, the release said. Unit cost reduction initiatives include the use of simpler, lower cost vessels to replace drilling rigs in some activities, such as the installation of cabling equipment. Design optimization initiatives include the simplification of designs for multiple sets of wells and operations.

One of the initiatives contributing to higher productivity has involved increasing the efficiency and availability of the fleet of floating rigs (equipment used to construct and maintain wells), Petrobras said in the release. In 2014, the company improved its performance by 2% in this area, generating a saving of $115 million during the year. Thanks to this initiative, the floating rigs’ operational efficiency increased to an average rate of 92% in 2014.