Pre-salt fuelling Petrobras’ upstream ambitions

The offshore region is poised to significantly ramp up production as more midstream gas infrastructure reaches startup and divestments keep coming

Brazilian state oil firm Petrobras has big plans for the pre-salt, according to the company’s latest five-year strategy document. The NOC expects to produce 20bn bl oe over the next ten years—with the pre-salt region producing 79pc of supply by 2026—almost as much as the previous 68 years of its history combined. E&P is at the core of Petrobras’ near-term strategy. It will funnel 84pc of capex into the upstream over the next five years, while spending 63pc of that amount on the pre-salt. Barrels produced from the region will drive a 19pc jump in company production by 2026, with Petrobras guiding 3.2mn bl/d.       The company’s offshore Buzios field, in the Santos basin, is key to this gr