Amid Petróleo Brasileiro’s (Petrobras) largest net quarterly loss in its history of US$10.2 billion (36.9 billion BRL), the Brazilian giant also confirmed its biggest oil column discovery at its Libra field.
 |
|
Petrobras headquarters. Image from OE staff. |
The $10.2 billion loss represents a 39% drop when compared to last year due to write-downs that are related to the Lava Jato bribery scandal that has touched several international corners of the oil and gas world.
The Brazilian giant said its major loss for Q4 2015 was also due to impairments of assets and investments mainly from decreased crude oil prices, in addition to interest expenses and foreign exchange losses of some $9.1 billion.
The company’s net debt came in at $100 billion as of 31 December 2015, a 5% fall when compared to 2014. Its capital expenditures and investments were recorded at $23 billion, a 38% decrease of 2014’s $37 billion.
Petrobras also noted a 4% drop in crude oil and natural gas production in Brazil and abroad for 2015. Its domestic demand for oil fell 5% for the year and quarter to 224,000b/d and 111,000b/d respectively, however, its crude oil exports were up 55% to 128,000b/d.
Petrobras attributed some if its oil and natural gas production increase of 5% for the year to ramp ups at P-55 and P-62, which are both located in the Roncador field in the Campos basin offshore Rio de Janeiro; in addition to P-58 in Parque das Baleias off the coast of Espirito Santo state, and several FPSOs.
Libra’s biggest hit to date
.jpg) |
|
Libra map, from Petrobras. |
Upon completing drilling operations at the well 3-BRSA-1322-RJS (3-RJS-741), located in the northwest block in the Santos pre-salt basin, Petrobras and the Libra Consortium confirmed the discovery of good quality oil (28ºAPI) in reservoirs with excellent productivity.
The 3-RJS-741well encountered the biggest oil column to date in Libra with 301m thickness.
The well is located 8km northeast of the discovery well, 2-ANP-2A-RJS, and 200km off the Rio de Janeiro state coast.
“Data collected confirmed that the reservoir characteristics and the oil quality are similar to those found in the other wells in the same northwest area, which may indicate that the reservoirs are interconnected,” Petrobras said.
There have been six well drilled at the Libra field, five by the Libra Consortium, with the seventh well (3-RJS-742) currently being drilled. Well 3-RJS-742 is also located in the northwest area of the Libra structure.
Petrobras is the operator of the Libra Consortium with 40% working interest. Partners include Shell (20%), Total (20%), CNPC (10%) and CNOOC (10%).
Read more:
Brazil's Senate passes pre-salt bill
Petrobras discovers more Libra pay
Petrobras starts up Cidade de Maricá, Route 2
Subscribe
