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Independent oil companies raise reserves after buying Petrobras assets (PETR4), says consultancy

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Bandeira also highlighted that Petrobras should represent 61% of Brazilian production in 2030, compared to 84% in 2015 (Image: Money Times/Renan Dantas)

With the divestments of Petrobras 🇧🇷PETR4) in mature assets, new smaller operators are expected to invest around US$10 billion over the next decade, boosting production from these assets by 2027 and increasing reserves by 980 million barrels of oil equivalent by 2035, according to a study by Wood Mackenzie .

“For several years, Petrobras reduced its investments in mature assets, which provided an opportunity for medium-sized operators to renew drilling in these areas and develop more efficient production operations,” said Amanda Bandeira, Upstream analyst at Petrobras. Latin America for Mackenzie Wood.

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“This will significantly increase production and reserves for the next decade.”

Bandeira also pointed out that Petrobras should represent 61% of Brazilian production in 2030, compared to 84% in 2015, as the production of the ‘majors’ and independent operators grows.

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Independent operator production is expected to peak at 485,000 barrels of oil equivalent per day (boe/d) by 2027, before asset maturity outpaces development activity and production begins to decline.

Companies in this study include: 3R Petroleum, BW Energy, Enauta, Eneva, Grupo Cobra, Karoon Energy, Origin Energia, Perenco, PetroReconcavo, Prio, Seacrest Capital and Trident Energy.

“Although we will see growth for these companies in the short term, resources are finite and they will have to adjust to new strategies when these mature assets are no longer productive,” said Vinicius Diniz Moraes, Latin America Upstream analyst at Wood Mackenzie.

“We already see some moves to bolster long-term prospects through mergers and acquisitions and exploration. Late asset optimization will also be a focus, to maximize the operating life of their mature asset portfolios. Some will be better positioned than others.”

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Source: Moneytimes

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