Page 10 - LatAmOil Week 19 2022

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He did not say whether the company was eyeing Biofuels (ANP).
any specific projects but indicated that Chevron Chevron currently has stakes in 11 explo-
was particularly keen on contributing to large- ration blocks in the Santos and Campos basins
scale upstream initiatives. within Brazil’s offshore zone. The US major
This interest in scale will probably lead the acquired stakes in six of these blocks in 2018,
firm to pre-salt projects, he commented, accord- including three Santos Basin sites (S-M-764,
ing to a Reuters report. Saturno and Tres Marias) and three Campos
“Where? Where we can find scale, and that’s Basin sites (C-M-791, C-M-821 and C-M-823);
in the pre-salt areas,” the news agency quoted it serves as operator of S-M-764 and is a non-op-
him as saying. erating partner in the other five licence areas.
The pre-salt sections of the offshore zone The company then acquired stakes in
account for more than half of Brazil’s total crude another five blocks in 2019, including one San-
oil and natural gas output, which currently tos Basin site (S-M-766) and four Campos Basin
stands at around 3.7mn barrels of oil equivalent sites (C-M-659, C-M-713, C-M-825 and C-M-
per day (boepd). They are expected to make up 845). It serves as the operator of S-M-766 and
most of the anticipated increases in Brazilian C-M-845 and a non-operating partner in the
production, which is set to rise to 5.5mn boepd other three sites.
by 2025, according to forecasts drawn up by the None of these offshore sites has yet moved
National Agency of Petroleum, Natural Gas and beyond the exploration stage. ™

US government asked Petrobras to

raise oil output in March, sources say

US government officials met with represent- in an “informal” follow-up to those initial con-
atives of Brazil’s national oil company (NOC) tacts, one source explained.
Petrobras in March to request that the South During the meeting, the US officials asked
American country increase crude output in Petrobras to raise production, at least on a short-
response to the Russian invasion of Ukraine, term basis, in order to relieve pressure on global
three sources with knowledge of the matter told crude markets. This request did not bear any
Reuters earlier this week. fruit, as the NOC responded to the request in
According to Reuters’ sources, who spoke on the negative, said the sources.
condition of anonymity because the talks were Petrobras team members explained this
private, the meeting took place shortly after the stance by saying that the company used busi-
US and Brazilian governments began bilateral ness strategy rather than diplomacy as the main
discussions on the situation in Ukraine. Officials source of guidance for its production targets, the
in Washington sought to consult with Petrobras said.

Pre-salt fields will help Petrobras raise output by 500,000 bpd by 2026 (Image: Petrobras)

P10 www. NEWSBASE .com Week 19 12•May•2022