Oil output under Brazil’s sharing regime up 3%

In July, the average daily oil output under the production sharing regime reached 691 thousand barrels per day (bpd), up three percent from the previous month, as per monthly data released today (Sep 19) by Pré-Sal Petróleo.

Since 2017, when this time series began, the production under the sharing regime has added up to 229.2 million barrels of oil—of which 16 million belonged to Brazil’s government.

As it stands today, six contracts operate in production—Búzios accounting for the highest amount (422 thousand bpd), followed by Sépia (100 thousand bpd) and Libra (86 thousand bpd). The daily average of the government’s oil in the deals stood at 27.9 thousand barrels in July, most of which from Libra (13.4 thousand bpd).

Under the sharing regime, Brazil’s federal government is the owner of the oil extracted. However, the exploring company or consortium is entitled to a refund on oil exploration costs and a slice of the profit from the field, called surplus oil.