Petrobras starts oil and gas production at Sepia field

Brazilian energy company Petrobras said August 23 it had begun oil and gas production from the floating production, storage and offloading unit Cairoca, the first platform installed in the offshore Sepia field.

Chartered from Modec, the Cairoca can process 180,000 barrels/day of crude oil and 212mn ft³/d of natural gas. Petrobas said further field development calls for connections to seven other production wells.

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“The oil production will be [transported] out by offloading vessels, while the gas production will be drained through the pre-salt gas pipeline routes,” Petrobras said. “The project also has a system to remove CO₂ from the gas produced and to reinject it into the reservoir, reducing the release of carbon dioxide into the atmosphere and improving its oil recovery.”

Total production for Petrobras averaged 2.8mn barrels of oil equivalent (boe)/d in Q2 2021, a 1.1% increase from the first quarter. The company credited the gain to improved drilling operations.

Net income attributable to shareholders of US$231mn in Q1 2021 marked an improvement from a US$732mn loss recorded during the same period last year, but well below the US$5.4bn in Q4 2020 profits.