Brazilian major Petrobras has been focused on improving the efficiency of its producing assets in the deepwater Campos Basin for several years via its strategic PROEF (Petrobras Operational Efficiency Improvement Program), with the operator’s latest figures indicating it achieved its best ever performance during the months of March and April.
The company’s Campos Basin Operational Unit reached 80.6% efficiency in April, it said, while the Rio de Janeiro Operational Unit, which manages the platforms with the largest production capacity in the same basin, achieved 96.2% efficiency in March—the best operational efficiency rate within the last three years.
In March, the Rio de Janeiro operational unit produced 844,000 bbl/d of oil, using 96.2% of its capacity, up from 93% in February. The unit’s all-time record efficiency is 96.4%, which it hit in December 2010.
In the Campos Basin operational unit, the 80.6% efficiency rate achieved in April was the best achieved over the last 46 months. This is the first time the rate has returned to more than 80%, evidence that the initiatives implemented by Petrobras to improve its operational process are working.
PROEF was implemented in November 2012 and consists of 13 initiatives, selected internally as areas for improvement and sustainability actions in the production of oil and gas. The aim is to slow the inevitable trend of declining output from the continued development of existing reservoirs and the operational performance of equipment.
Recommended Reading
FLNG Gimi Arrives at GTA Field Offshore Mauritania, Senegal
2024-01-11 - The Golar FLNG Gimi facility will be moored at the GTA Field for the next 20 years.
Oklahoma, Rockies E&Ps Now Need $64 Oil to Turn A Profit
2024-01-15 - The Federal Reserve Bank of Kansas City’s quarterly survey found a fourth consecutive quarter of oil and gas activity decline in Oklahoma, northern New Mexico, Colorado and Wyoming.
IMF Grants Argentina Access to $4.7B as Inflation Surpasses 200%
2024-01-12 - With rampant inflation, the IMF granted Argentina access to $4.7 billion for policies to restore macroeconomic stability, a move that could lead to more international investment, including from oil and gas companies.
EQT Announces Tolling Agreement with Texas LNG
2024-01-12 - EQT’s agreement with Texas LNG is the E&P’s second long-term deal since September to provide an outlet for its natural gas to the LNG market.
Occidental CEO Vicki Hollub says Market will be Short on Oil Supplies by 2025
2024-01-17 - Occidental CEO Vicki Hollub, speaking at the World Economic Forum in Davos, Switzerland, said the markets are unbalanced.