The Brazilian state oil company Petrobras reported that it has brought forward part of the planned investments for 2025 in order to accelerate the development of the Búzios oil field, located on the southeast coast of the country and regarded as the largest deepwater reservoir in the world. Petrobras President Magda Chambriard stated that production at this field, located in the Atlantic off the state of Rio de Janeiro, will increase from the current 800,000 barrels per day to one million barrels per day by the end of 2025, with a projection to reach two million barrels per day by 2030.
In 2024, Petrobras achieved a reserve replacement rate of 154%, after discovering 1.2 billion barrels in new reserves, surpassing the 900 million barrels extracted that year. According to Chambriard, with just three wells, the total capacity of the Almirante Tamandaré platform will be reached, the first of four large units that the company plans to operate in Búzios by 2030, each with a production capacity of 250,000 barrels per day.
The president highlighted that Petrobras invested a total of $16.6 billion in 2024, surpassing the initial $14.5 billion planned, in order to boost production in Búzios. The Almirante Tamandaré offshore platform, which began operations this month, has the capacity to produce 225,000 barrels of oil and 12 million cubic meters of natural gas per day.
Chambriard also pointed out that Petrobras's investment in 2025 will be below the initially planned $18.5 billion, despite the anticipation of funds in 2024, without altering the strategic plan for the period 2025-2029. This plan includes investments totaling $111 billion over the next five years, aiming to increase the company's production from 2.7 million barrels per day in 2025 to 3.2 million by 2030.
