In just a few years, Brazil has become a real oil power. Crude oil found and exploited in ultra-deep waters has allowed the country to produce more than 3 million barrels of oil every day, surpassing historic figures like Venezuela or Mexico. Today, Brazil is the third largest American producer, behind giants like the United States and Canada. The Brazilian oil industry is not satisfied with this and has begun to lay the first stones to fully reactivate its largest oil field, the one known as the Tupí or Lula field (because discovered during the first mandate of Lula da Silva which could be). a plus for the country’s crude oil production.
Petrobras, Brazil’s state oil company, is close to reaching a deal with government regulators that would allow it to move forward with reconstruction projects for the immense oil field in deep waters, which holds the key to revitalizing the country’s stagnant production, as revealed Bloomberg. This area was a real revolution for the Brazilian oil industry. However, various factors have cooled its activity, although it continues to have unprecedented potential in the Brazilian oil sector.
This is the Tupí site
The Tupí field is located in the Santos Basin off the coast of Brazil and is one of the largest oil reserves discovered in the region. We find under a complex geological formation called “pre-salt”which lies at considerable depths beneath a layer of salt, sand and rock, more than 7,000 meters below sea level. Geologically, Tupí is part of the Brazilian pre-salta million-year-old formation that harbors large accumulations of hydrocarbons trapped under a layer of salt more than two kilometers thick. This geological configuration greatly challenges drilling techniques, but modern technologies make it possible to extract oil and gas from these deep deposits, which date back to the Cretaceous.
In terms of production, The Tupí field is essential for Brazil’s energy industry and represents a fundamental pillar for its energy self-sufficiency.. Initial production of Tupí began in 2010 and has expanded significantly since then. The field has a production capacity of more than 1 million barrels of oil per day (bpd), although it produces considerably less, making it one of the most important fields in the world. This massive production was possible thanks to investment in state-of-the-art subsea extraction infrastructure and collaboration between state-owned Petrobras and international partners such as Shell and Galp.
The company hopes to resolve a tax dispute with regulator ANP this year, which would allow it to continue its plan to drill new wells and complete new seismic investigations in this large crude oil field located in the waters of the Atlantic, off the southeastern coast of Brazil, according to Petrobras Director of Exploration and Production Sylvia Dos Anjos in an interview.
The executive also revealed that it is considering adding another floating production vessel (FPSO) for this field, known as Tupí. According to Cesar Cunha de Souza, executive director of Petrobras, these actions could return Tupí to the vitality of the past, when it produced more than a million barrels of crude oil per day.
This site It currently produces between 750,000 and 800,000 barrels of oilan amount similar to the entire crude oil production of Venezuela, the country that has historically dominated crude oil production in the region. Venezuela has proven oil reserves that exceed 300,000 million barrels, but after years of mismanagement of oil revenues, lack of maintenance and economic sanctions, the country has seen its production fall to 800,000 barrels per year. day, practically the amount of crude oil produced by Brazil. of this area alone.
It is difficult to overstate the importance of Tupí to Petrobras and Brazil. The field represented a revolution for Brazil, which became one of the world’s top 10 oil producers in the decade that began in 2010. Additionally, Tupí generated hundreds of billions of dollars in taxes. This successful field motivated other oil majors to spend billions exploring the so-called “pre-salt” region, in a campaign that continues today.
The site that will be great again
In 2023, Tupí has surpassed the oil production of countries such as Colombia, Venezuela, the United Kingdom and Argentina.they explain Bloomberg. But the potential is much greater. Petrobras seeks to halt Tupí’s natural decline with new drilling and technology. This field is estimated to have approximately 8 billion barrels of proven reserves.
“We are going to carry out a process to get the most out of Tupí”Anjos said. “It’s a giant field.” According to Souza, the start date of the additional production unit (FPSO) in Tupí must be defined in the next strategic plan. Petrobras plans an infill drilling campaign to improve extraction rates in a field that has been producing for more than a decade.
Tupi oil is high quality, classified as light and low sulfur oil, making it easier and cheaper to refine. The exploitation of Tupí has not only transformed the Brazilian energy landscape, but also positioned Brazil as a key oil exporter in the global market.
