Búzios

Búzios Oil Field Profile

Location and Geology

The Búzios oil field, formerly known as the Franco field, is located in the Santos Basin, offshore Brazil. It is situated approximately 180-200 km off the coast of Rio de Janeiro, within the Cessão Onerosa (Transfer of Rights) region of the pre-salt area. The field spans an area of 416 km² and is characterized by water depths ranging between 1,600 and 2,100 meters.

Discovery and Exploration

The Búzios field was discovered in 2010 by the 2-ANP-1-RJS (Franco) discovery well, which initially tested at a rate of 50,000 barrels of oil equivalent per day (boepd) from the pre-salt reservoir. Further exploration included the extension well 3-BRSA-1184-RJS (3-RJS-723/Franco Leste), which encountered a 396-meter column of oil. Petrobras conducted extensive 3D seismic surveys and drilled several additional wells to delineate the field.

Ownership and Operation

Petrobras operates the Búzios field with a 92.6% stake. The remaining 7.4% is shared equally between CNOOC and CNODC, subsidiaries of China National Petroleum Corporation (CNPC).

Production and Infrastructure

The Búzios field is one of the largest deepwater oil fields in the world and is being developed using multiple Floating Production, Storage, and Offloading (FPSO) units.

Existing FPSOs

• P-74, P-75, P-76, and P-77: These FPSOs were converted from very large crude carriers (VLCCs) and are already in operation. Each has a daily production capacity of 150,000 barrels of oil and 7 million cubic meters of gas, except for P-76, which has a capacity of 180,000 barrels of oil and 7 million cubic meters of gas.

Upcoming FPSOs

• FPSO Almirante Barroso MV32: This is the fifth FPSO deployed at the Búzios field, with a processing capacity of 150,000 barrels of crude oil per day, 212 million standard cubic feet of gas per day, and 240,000 barrels of water injection per day. It has a storage capacity of 1.4 million barrels of crude oil and achieved first oil in May 2023.
• FPSO Almirante Tamandaré: Scheduled to start production in the second half of 2024, this FPSO will have a processing capacity of 225,000 barrels of oil per day and 12 million cubic meters of natural gas per day. It will be connected to 15 wells and operated by SBM Offshore.
• P-78 and P-79: These FPSOs are expected to commence production in 2025, each with an oil processing capacity of 180,000 barrels per day and a gas processing capacity of 7.2 million cubic meters per day. Each will have a storage capacity of 2 million barrels of oil.
• P-80 and P-83: Contracts have been signed for the construction of these FPSOs, with P-80 being one of the largest to operate in the oil and gas industry worldwide, capable of producing up to 225,000 barrels of oil per day and processing up to 12 million cubic meters of gas per day.
• P-82: Scheduled to start operating in 2026, this FPSO will also have a high production capacity and will incorporate innovative technologies such as closed flare technology, methane gas detection systems, and carbon capture, utilization, and storage (CCUS) technology. It will also utilize digital twins for simulations and remote tests.

Production Capacities and Innovations

The Búzios field is expected to have a total of 11 FPSOs, making it one of the most extensive offshore oil and gas projects globally. The field's production is characterized by high-capacity FPSOs, with some units capable of producing up to 225,000 barrels of oil per day and processing significant volumes of natural gas. The newer FPSOs will incorporate advanced technologies such as closed flare systems, methane gas detection, and CCUS to enhance sustainability and safety.

Local Content and Economic Impact

The development of the Búzios field involves significant local content requirements, with a minimum of 25% local content mandated for the projects. This ensures substantial economic benefits and job creation within Brazil.

Future Outlook

Petrobras plans to invest nearly $40 billion in pre-salt projects over the next five years, including the construction and installation of 12 FPSOs across various fields in the Santos Basin. By 2025, the total FPSO processing capacity in the region is expected to reach 2 million barrels per day.

The Búzios field, along with other pre-salt fields like Tupi, continues to drive Brazil's oil production, with the pre-salt basins accounting for 70% of the country's oil output as of 2020. The field's extensive reserves and ongoing development make it a critical component of Brazil's energy sector and a significant contributor to global oil production.