We have reached the milestone of 1 billion barrels produced in the pre-salt

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Today we celebrate with our partners a historical milestone: a billion barrels of oil produced in the pre-salt. This cumulative production occurs only six years after the first production system went on stream in the Santos Basin, in the Lula field, and ten years after the first discovery, made in 2006, and demonstrates the company’s technical capability and achievements.

This performance is unparalleled in the world history of offshore oil production. Compared to other major oil producing regions in the world, in the American portion of the Gulf of Mexico, this level was reached 14 years after commercial production got underway there, while in the North Sea it took eight years. In Brazil, this mark was only reached in the Campos Basin after 15 years of commercial production.

To celebrate the results, our CEO, Pedro Parente, our Executive Director of Exploration and Production, Solange Guedes, and our Executive Director of Production Development & Technology, Roberto Moro, boarded FPSO Cidade de Itaguaí, located in the North Iracema area in the Santos Basin pre-salt cluster, to attend a ceremony held to commemorate the level achieved. They paid tribute to a few of the pre-salt discovery and development pioneers, in recognition of the contribution of thousands of contributors who made this result possible.

CEO Pedro Parente stressed the importance of people in the journey that led to the 1-billion-barrel mark. "This is a moment of tribute to a valiant team that believes in what it does. It is a fitting tribute to those who made this company the success that it is. Discovering and producing oil in the pre-salt was a gesture of faith and of overcoming challenges. And believing is a key word to overcome the challenges that still lie ahead. We are experiencing a turning point, and we have no doubt of our immense capacity to deliver. I am very moved by the enormity of what is happening here today,” noted the CEO.

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Solange Guedes, the Executive Director of Exploration & Production, emphasized the importance of telling this story. “Reaching 1 billion barrels in ultra-deep waters in just six years is a unique achievement. Not every company can tell this story. I am glad we can celebrate this milestone and honor the people who were part of it. We inherit and deliver stories, so we need to remember them and deliver new stories to be told again in the future. And this story is told by people, whether here at Petrobras or outside the company,” she said.

Representing the employees, engineer Humberto Americano Romanus, from Safety, Health, and Environment area, highlighted the dedication that led us to this milestone. “It is a great privilege to represent the people who were part of this story. They are men and women who dedicate themselves day and night to meet the company's goals. The work that is done here at the end of the spectrum is very important. I feel very honored to be here today. I thank you all and let's move forward safely.”

Ten years after the first commercial discovery in the province, the pre-salt has become one of the most competitive producing regions in the world. The area has above-average productivity in the global offshore field industry - reaching the flow of 25,000 barrels per day per well in some cases, 30 percent more compared to 2010 - which leads to the need to interconnect fewer wells per production system.

Oil output from the pre-salt is very important for the financial recovery of the company. It is large-scale production of an oil of excellent quality for refining and with a lifting cost below $8/barrel. Today, with the contribution of only 11 dedicated systems, nine in the Santos Basin and two in the Campos Basin, the pre-salt already accounts for almost half of the production we operate and for about 35 percent of our own production. Between 2017 and 2021, 16 new major production systems will be operating in the pre-salt.

Route 2 - We also had another important result in the pre-salt. On Nov. 15, the Route 2 pipeline reached the mark of 2 billion cubic meters of gas exported, only nine months after going on stream, last February. Ranging for 401 km, Route 2 is the longest pipeline in the country and connects the Santos Basin pre-salt production systems to the Cabiúnas Gas Treatment Terminal, in Macaé (RJ). Every day, this pipeline network exports an average of 12 million cubic meters/day to the terminal, accounting for 70 percent of the gas flowing from that province.

*Photo: Directors Solange Guedes and Roberto Moro alongside Pedro Parente during the visit to FPSO Cidade de Itaguaí


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