Oil and Gas Exploration and Production

Types of Platform_cover.png

Oil and natural gas exploration and production are our core activities. We seek to increase our reserves and develop production to make sure we can meet the increased demand for energy. With technology and the persistence of our employees, we overcome challenges that once seemed impossible, such as the deep waters of the Campos Basin, in the 1970s. Today, production in deep pre-salt waters is already a consolidated reality. Therefore, we are always expanding our operations in a sustainable manner in areas with great potential for exploration and production.

Most of our oil reserves are in offshore fields, which has led our drilling activities to reach ever-greater depths. Over the next five years, 13 new production systems are expected to come on stream, which will ensure a 5 percent growth in production by 2023.  In 2019, we expect to reach total oil and gas production (Brazil and abroad) of 2.8 million boe (barrels of oil equivalent).

To operate in the pre-salt and post-salt regions, seven new production systems were put into operation recently, six of which in the pre-salt (P-74, P-75, P-76, and P-77) in the Búzios field, and P-69 and P-67, in the Lula field -, in addition to FPSO Cidade of Campos dos Goytacazes, in the Tartaruga Verde field, in the Campos Basin.

Until 2023, we plan to invest US$ 68.8 billion in oil and gas exploration and production.

 

Understand the petroleum cycle

Petroleum is oil of fossil origin that takes millions of years to be formed in sedimentary rocks located both offshore and onshore. From field discovery to the transformation into the several products we use in our daily lives, oil covers a long journey that involves a lot of studies and investments.

Get to know this cycle better: