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Petrobras' (PBR) Second FPSO Begins Operations at Campos Basin
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Petrobras (PBR - Free Report) , Brazil’s state-owned oil and gas company, commenced recovering mature assets offshore Brazil with the launch of production from the Anita Garibaldi floating production, storage, and offloading (FPSO) vessel.
The FPSO, which was developed by MODEC, will operate concurrently in the post and pre-salt as part of a project to revive the Marlim and Voador oil and gas fields. The Anita Garibaldi project has a daily capacity of up to 80,000 barrel of oil production and 7 million cubic meters a day (MMcm/d) of gas processing.
The project involves replacing and decommissioning the nine original platforms from the Marlim/Voador fields. It joins the Anna Nery FPSO, which started operating earlier this year. The joint production capacity of the two FPSOs is up to 150,000 barrels per day of oil and processing capacity of up to 11 MMcm of gas.
According to Petrobras, switching from nine old facilities to two new ones should result in more than 50% reduction in overall emissions. By 2027, the projects will also contribute to an increase in the Campos basin's overall output from its present level of 565,000 barrels per day to 920,000.
Zacks Rank & Key Picks
Currently, Petrobras carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy space are CVR Energy Inc. (CVI - Free Report) , Evolution Petroleum Corporation (EPM - Free Report) and Crestwood Equity Partners LP . While CVI sports a Zacks Rank #1 (Strong Buy), both EPM and CEQP carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CVR Energy is an independent refiner and marketer of high value transportation fuels. Headquartered in Sugar Land, TX, CVI has 1,470 employees. It is also engaged in nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
Headquartered in Houston, TX, Crestwood is a master limited partnership that provides a wide range of fee-based infrastructure solutions in major U.S. shale plays like the Bakken Shale, Delaware Basin, Powder River Basin, Marcellus Shale and others. The company is least exposed to commodity price fluctuations since it generates stable fee-based revenues from diverse midstream energy assets via long-term contracts.
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Petrobras' (PBR) Second FPSO Begins Operations at Campos Basin
Petrobras (PBR - Free Report) , Brazil’s state-owned oil and gas company, commenced recovering mature assets offshore Brazil with the launch of production from the Anita Garibaldi floating production, storage, and offloading (FPSO) vessel.
The FPSO, which was developed by MODEC, will operate concurrently in the post and pre-salt as part of a project to revive the Marlim and Voador oil and gas fields. The Anita Garibaldi project has a daily capacity of up to 80,000 barrel of oil production and 7 million cubic meters a day (MMcm/d) of gas processing.
The project involves replacing and decommissioning the nine original platforms from the Marlim/Voador fields. It joins the Anna Nery FPSO, which started operating earlier this year. The joint production capacity of the two FPSOs is up to 150,000 barrels per day of oil and processing capacity of up to 11 MMcm of gas.
According to Petrobras, switching from nine old facilities to two new ones should result in more than 50% reduction in overall emissions. By 2027, the projects will also contribute to an increase in the Campos basin's overall output from its present level of 565,000 barrels per day to 920,000.
Zacks Rank & Key Picks
Currently, Petrobras carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy space are CVR Energy Inc. (CVI - Free Report) , Evolution Petroleum Corporation (EPM - Free Report) and Crestwood Equity Partners LP . While CVI sports a Zacks Rank #1 (Strong Buy), both EPM and CEQP carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CVR Energy is an independent refiner and marketer of high value transportation fuels. Headquartered in Sugar Land, TX, CVI has 1,470 employees. It is also engaged in nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
Headquartered in Houston, TX, Crestwood is a master limited partnership that provides a wide range of fee-based infrastructure solutions in major U.S. shale plays like the Bakken Shale, Delaware Basin, Powder River Basin, Marcellus Shale and others. The company is least exposed to commodity price fluctuations since it generates stable fee-based revenues from diverse midstream energy assets via long-term contracts.