October 30, 2019 / 9:50 PM / 21 days ago

Petrobras aims to halve time between oil finds and output by 2029

RIO DE JANEIRO, Oct 30 (Reuters) - Brazil’s Petrobras aspires to reduce the amount of time from oil discovery to first production at its deepwater fields by almost 50% by 2029, while exploring ways to skip the exploratory drilling phased, an executive said on Wednesday.

Petroleo Brasileiro SA, as the firm is formally known, wants to cut the period of time from discovery to “first oil” to just 1,000 days, down from the current time frame of around five years, said Petrobras Exploration and Production Director Carlos Alberto Pereira de Oliveira.

“What if we’re sure the oil was there without drilling the exploratory well?” he said during a panel discussion at Rio de Janeiro’s Offshore Technology Conference (OTC).

“That’s an ambition,” he added.

The panel discussion, which was geared toward enhancing the competitiveness of deepwater projects, takes place a week before oil majors are set to compete for offshore production rights in Brazil in a massive auction expected to rake in 106.5 billion reais ($26.7 billion) for the government.

$1 = 3.99 reais Reporting by Gram Slattery and Marta Nogueira Editing by Alistair Bell

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