Brazilian upstream reaps divestment dividend

Petrobras is starting to see significant production gains in the pre-salt, while independents are already raising output at fields divested by the NOC

The Brazilian presidential election in October will pit incumbent right-wing populist Jair Bolsonaro against left-leaning challenger and former president Lula da Silva. On the oil side, whoever takes office is poised to inherit a heady mix of upstream consolidation and bullish production forecasts. NOC Petrobras is leading from the front with a strong focus on output growth from the pre-salt. Planned ramp-ups in production from the P-68 platform—at the Berbigao and Sururu offshore fields—and a new floating production, storage and offloading (FPSO) vessel at the Sepia offshore field, both in the Santos basin, should add 55,000bl/d of capacity to the company’s portfolio this year. The firm i

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