Brazil Búzios field reaches 1 bi barrels of oil

The Búzios Field, located in the Santos Basin, is the largest ultra-deepwater field in the world. By the end of March, it reached the milestone of producing 1 billion barrels of oil, as announced on Monday (Apr. 15) by Brazil’s state-run oil company Petrobras.

In June last year, Búzios had already recorded accumulated production of 1 billion barrels of oil equivalent—which considers oil in barrels plus natural gas production, converted to barrels of oil equivalent (boe). However, the current figure solely encompasses oil production.

The field is operated by Petrobras in a consortium with Pré-Sal Petróleo (PPSA) and the Chinese companies CNOOC and CNODC. Búzios commenced activities in 2018 and currently operates through five units, namely the FPSOs (Floating Production Storage and Offloading) P-74, P-75, P-76, P-77, and Almirante Barroso.

To provide a sense of the field’s magnitude, Petrobras illustrates that the thickness of its reservoir matches the height of Sugar Loaf Mountain in Rio de Janeiro, and its expanse exceeds twice the area of Guanabara Bay. The field is situated 180 km offshore and at depths surpassing 2,000 meters.

Expansion

Búzios is considered to be the world’s largest ultra-deepwater oil field in terms of its extension and reserves. However, it doesn’t claim the title of Brazil’s most productive field, which is held by the Tupi Field. According to the National Petroleum, Natural Gas, and Biofuels Agency (ANP), Tupi accounted for a quarter (25%) of Brazil’s offshore oil and gas production last year, while Búzios contributed approximately 18 percent.

Petrobras clarifies that Tupi currently surpasses Búzios due to its longer operational history, but this trend is expected to shift. According to the ANP, in 2023, oil production from the Búzios Field surged by 10.28 percent, while production from the Tupi Field declined by 3.5 percent.

The company is also forecasting an increase in production at the Búzios Field, with plans to install new production systems over the coming years. The field’s capacity is expected to reach approximately 2 million barrels of oil per day by 2030.