Petróleo Brasileiro S.A. - Petrobras PBR has started oil production from its deepwater project offshore southeast Brazil with its largest floating production, storage, and offloading (FPSO) unit, Almirante Tamandaré.
Overview of PBR’s FPSO Almirante Tamandaré
Almirante Tamandaré is the largest FPSO installed at Petrobras' Búzios field. The unit was leased from SBM Offshore to enhance Petrobras’ oil and gas output. Apart from featuring an above-average capacity, the FPSO is also equipped with decarbonization technologies, which help reduce greenhouse gas emissions into the atmosphere. The high-capacity FPSO has the potential to produce up to 225,000 barrels of oil per day (bpd) and process 12 million cubic meters of gas daily.
An Insight Into Búzios Oil Field
The Búzios oil field, a large ultra-deepwater oil field located in the Santos Basin, off the coast of Brazil, lies in a water depth of about 1,900-2,200 m. Petrobras is the operator of the Buzios oil field with an 88.89% stake and is partnered with CNOOC Ltd., holding a 7.34% stake and China National Petroleum Corporation, holding a 3.67% stake. Additionally, PPSAoversees the production-sharing contracts for this consortium.The Búzios field is said to be the largest field in the world in ultra-deep waters, which already accounts for over 20% of Petrobras’ total production.
How Will the FPSO Benefit PBR?
The Almirante Tamandaré FPSO is connected to 15 wells through a subsea infrastructure, comprising oil producers, injectors and a convertible well, ensuring efficient resource extraction. It is part of the sixth production system of Búzios and is expected to help reach a total output of 1 million barrels per day by 2025. Looking ahead, Petrobras aims to double that capacity to 2 million barrels per day by 2030, which will further solidify its presence in Brazil.
PBR’s Zacks Rank and Key Picks
Headquartered in Rio de Janeiro, Petrobras is the largest integrated energy firm in Brazil and one of the largest in Latin America. Currently, PBR has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some top-ranked stocks like SM Energy Company SM, Prairie Operating Co. PROP and Gulfport Energy Corporation GPOR.While SM Energy and PROP currently sport a Zacks Rank #1 (Strong Buy) each, Gulfport Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Denver, CO-based SM Energy Company is an independent oil and gas company engaged in the exploration, exploitation, development, acquisition and production of natural gas and crude oil in North America. The Zacks Consensus Estimate for SM’s 2024 earnings indicates 15.11% year-over-year growth.
Houston-based Prairie Operating is an independent energy company engaged in the development and acquisition of proven, producing oil and natural gas resources principally in the United States. The Zacks Consensus Estimate for PROP’s 2024 earnings indicates 81.19% year-over-year growth.
Gulfport Energy is an independent natural gas and oil company focused on the exploration and development of natural gas and oil properties in North America. The Zacks Consensus Estimate for GPOR’s 2024 earnings indicates 108.53% year-over-year growth.
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