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Petrobras (PBR) Places $2.3B Order for Eighth Buzios FPSO
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PetroleoBrasileiro S.A.or Petrobras (PBR - Free Report) has inked a contract with the joint venture formed between the Italian oil field services company Saipem and South Korea's Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME) for the construction of the floating production, storage and offloading (FPSO) vessel at the Buzios field, offshore Brazil. Notably, this will be the eighth FPSO unit to be built in the Búzios field of the Santos Basin pre-salt area.
The deal worth $2.3 billion is the latest in a line of bids announced to expedite the development of Buzios, widely regarded as the largest and the finest geological structure in Brazil's subsalt area.
The FPSO, named P-79, will have a distillation capacity of 180 thousand barrels of oil per day (bo/d) and 7.2 million cubic meters of gas per day. The order is expected to be delivered by the end of 2025. Once installed, the FPSO P-79 will be linked to eight production wells and six injection wells.
Last month, Petrobras ordered an FPSO vessel from Keppel Shipyard in the Santos Basin, offshore, Brazil for the construction of the seventh FPSO unit in the Búzios field. The FPSO, which will be called P-78, will have a distillation capacity of 180 thousand bo/d and 7.2 million cubic meters of gas per day and is estimated to be delivered by the end of 2024.
Founded in 2010, the Buzios field is located 188 kilometers off the coast of Rio de Janeiro and the state-run energy giant is its chief operator with 90% interest. The rest is held by Chinese producers CNOOC (CEO - Free Report) and China National Petroleum,the parent of PetroChina .
The Buzios field is known as the largest deep-water oil field, globally. It is believed that Buzios will have a daily production of more than 2 million barrels of oil equivalent per day by the end of this decade, making itself the largest oil-producing asset of Petrobras.
At present, four units at Buzios are in operation, accounting for more than 20% of Petrobras' total output. The field's fifth, sixth and seventh platforms (FPSOs Almirante Barroso, Almirante Tamandaré and P-78) are now under construction while the ninth unit (P-80) is in the contracting process.
Company Profile
Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons in addition to other energy-related activities.
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Petrobras (PBR) Places $2.3B Order for Eighth Buzios FPSO
PetroleoBrasileiro S.A.or Petrobras (PBR - Free Report) has inked a contract with the joint venture formed between the Italian oil field services company Saipem and South Korea's Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME) for the construction of the floating production, storage and offloading (FPSO) vessel at the Buzios field, offshore Brazil. Notably, this will be the eighth FPSO unit to be built in the Búzios field of the Santos Basin pre-salt area.
The deal worth $2.3 billion is the latest in a line of bids announced to expedite the development of Buzios, widely regarded as the largest and the finest geological structure in Brazil's subsalt area.
The FPSO, named P-79, will have a distillation capacity of 180 thousand barrels of oil per day (bo/d) and 7.2 million cubic meters of gas per day. The order is expected to be delivered by the end of 2025. Once installed, the FPSO P-79 will be linked to eight production wells and six injection wells.
Last month, Petrobras ordered an FPSO vessel from Keppel Shipyard in the Santos Basin, offshore, Brazil for the construction of the seventh FPSO unit in the Búzios field. The FPSO, which will be called P-78, will have a distillation capacity of 180 thousand bo/d and 7.2 million cubic meters of gas per day and is estimated to be delivered by the end of 2024.
Founded in 2010, the Buzios field is located 188 kilometers off the coast of Rio de Janeiro and the state-run energy giant is its chief operator with 90% interest. The rest is held by Chinese producers CNOOC (CEO - Free Report) and China National Petroleum,the parent of PetroChina .
The Buzios field is known as the largest deep-water oil field, globally. It is believed that Buzios will have a daily production of more than 2 million barrels of oil equivalent per day by the end of this decade, making itself the largest oil-producing asset of Petrobras.
At present, four units at Buzios are in operation, accounting for more than 20% of Petrobras' total output. The field's fifth, sixth and seventh platforms (FPSOs Almirante Barroso, Almirante Tamandaré and P-78) are now under construction while the ninth unit (P-80) is in the contracting process.
Company Profile
Petrobras is the largest integrated energy firm in Brazil and one of the biggest in Latin America. The company’s activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons in addition to other energy-related activities.
Zacks Rank & Another Key Pick
Petrobras currently sports a Zacks Rank #1 (Strong Buy). Another top-ranked player in the energy space is SilverBow Resources Inc (SBOW - Free Report) , presently flaunting a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>