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REGIONAL REPORT Brazil

Some 32% of the world’s 219 planned dif? culties – of one company alone. contracts and new FPSOs.”

FPSO projects are in Brazil, according “Brazil will be one of the global off- “Strict budget control and delivering to World Energy Report’s August 2019 shore hot spots going forward, mainly on time will be even more critical in the update. There are ? ve FPSOs on order due to the large portfolio of low-break- future than in the past. The credibility of for the Santos basin alone. even discoveries ready to be devel- the global industry, and in particular the “The largest ? eld development hub oped,” Lysdahl said. “This will spur local Brazilian industry, is at stake and is Buzios, where two FPSOs started up strong demand for drilling rigs, SURF another failure would be crucial.” last year, two more are coming online this year and another two by 2023. The hub will be producing over 600,000 bo- epd by 2025, so 20% of Santos’ output,”

Lysdahl said. “Altogether, the four hubs

Buzios, Lula, Iara and Mero represent almost 40% of Brazil’s rig demand over the next ? ve years.”

PETROBRAS

On a mission to reduce its debt, Petro- bras has received nearly $13 billion

MSC. 402(96) from non-core asset sales in 2019. In

New requirements for

August the company reported a second service providers come quarter net pro? t of 18.87 billion reais into force Jan. 2020 ($4.92 billion) – its highest ever – and well above analyst estimates. In the same month the company produced 3 million boepd on average (including 2.2 million boepd from the pre-salt area), up

More options for 21.6% from the same period a year ago.

Local reports indicate that Brazilian president Jair Bolsonaro wants to priva- multi-brand servicing tize Petrobras before his term concludes in 2022. “This would be good for Petro- of boats and davits bras – and good for Brazil,” McCaul said.

“The government holds more than

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Worry-free performance national investors – which it will need to

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September/OctoBER 2019 OFFSHORE ENGINEER 15