Yahoo Finance Petrobras' (PBR) Buzios Field Achieves Production Milestone
Petrobras S.A. PBR-operated Búzios oil field, located in the Santos Basin offshore Brazil, has recently reached the new milestone of producing 1 billion barrels of oil (bbl) by the end of March this year. PBR, the Brazilian state-run oil company, operates the Búzios field, together with Pré-Sal Petróleo (PPSA), CNOOC and CNODC.
In June 2023, the Búzios field recorded a production of 1 billion barrels of oil equivalent, which encompasses not only oil in barrels but also natural gas production converted to barrels of oil equivalent (boe). The Búzios field is the largest ultra-deepwater field. The production milestone was achieved through the five operating units, the FPSOs P-74, P-75, P-76, P-77 and Almirante Barroso.
With new production systems, PBR expects this figure to grow even further. The company plans to install new production systems in the next few years to ramp up the field’s capacity to reach around 2 million barrels of oil per day by 2030.
The Búzios oil field commenced operations in 2018 and has delivered positive results since then, boasting the most productive wells in the country. Petrobras highlights that the reservoir’s thickness is nearly the same height as Sugarloaf Mountain, with its length being more than twice as long as Guanabara Bay. The field, located 180 km off the coast, operates at water depths exceeding 2,000 meters.
In 2020, Petrobras won the OTC (Offshore Technology Conference) Award for developing the set of technologies to make viable production in the Buzios field. The company’s unique and cutting-edge technology has not only increased the field's efficiency and production, but also reduced costs.
Zacks Rank and Key Picks
Currently, PBR holds a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energysector are Archrock Inc. AROC, SM Energy SM and Hess Midstream LP HESM. Archrock and SM Energy presently sport a Zacks Rank #1 (Strong Buy) each, while Hess Midstream carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
SM Energy is an upstream energy firm operating in the prolific Midland Basin region and the South Texas region. For 2024, the company expects its production to increase from the prior- year reported figure, signaling a bright production outlook.
Hess Midstream LP owns, operates, develops and acquires a wide range of midstream assets, providing services to Hess Corporation and other third-party customers. The partnership has a stable fee-based revenue model secured via long-term commercial contracts. Since Hess Midstream operates through 100% fee-based contracts, it is exposed to minimal commodity price risks.
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Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report
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