Tartaruga Verde

Profile for the Tartaruga Verde Oil and Gas Project

Location

The Tartaruga Verde oil and gas field is located in the southern part of the Campos Basin, off the coast of Rio de Janeiro state, Brazil. Specifically, it is approximately 127 kilometers from the city of Macaé and 127 km off the coast of Rio de Janeiro state.

Geology and Reservoirs

The field is situated in water depths ranging from 700 to 1,300 meters, with the reservoirs located at depths of around 3,000 meters. The accumulations are found in Albian-age carbonate reservoirs and contain good quality oil with an API gravity of 27º.

Field Composition

The Tartaruga Verde project includes two main reservoirs:

• Tartaruga Verde: Petrobras owns 100% of this reservoir.
• Tartaruga Mestiça: Petrobras owns 69.35%, while Pre-Sal Petróleo (PPSA), representing the Brazilian government, owns the remaining 30.65%.

Production and Processing

Production from the Tartaruga Verde field began in June 2018. The field is developed using the FPSO (Floating Production, Storage, and Offloading) vessel named Cidade de Campos dos Goytacazes MV29.

• FPSO Capabilities:
  • Processes up to 150,000 barrels of crude oil per day.
  • Processes up to 3.5 million cubic meters of gas per day.
  • Natural gas compression capacity of 5 million cubic meters per day.
  • Storage capacity of approximately 1,600,000 barrels of crude oil.
  • Water injection capacity of 200,000 barrels per day.

Infrastructure

• The FPSO is moored using a SOFEC spread mooring system in water depths of about 765 meters.
• A 29km flexible pipeline has been laid to transport the oil to the Campos Basin gas grid.

Contractors and Operators

• Operator: Petrobras.
• FPSO Contractor: MODEC Offshore Production Systems (Singapore) is responsible for the engineering, procurement, construction, mobilization, installation, and operation of the FPSO. MODEC owns the FPSO and provides operation and maintenance services under a 20-year time charter contract with Petrobras.

Production History and Reserves

• Production Start: June 2018.
• Reserves:
  • Original oil in place: approximately 1,680.83 million barrels.
  • Original gas in place: approximately 17,719.01 million cubic meters (as of 2015 data).
• Cumulative Production (as of 2015):
  • Oil: 9.75 million barrels.
  • Gas: 104.87 million cubic meters.

Commercial and Strategic Significance

• The start of production at Tartaruga Verde is part of Petrobras' 2018-2022 Business and Management Plan, contributing to the company's production targets.
• The field is part of Petrobras' broader strategy to increase production and meet its annual targets, despite planned asset sales under its divestment program.

Additional Context

• The fields were previously known as Aruanã and Oliva before being renamed Tartaruga Verde and Tartaruga Mestiça.
• Petrobras had considered selling a 50% non-operated working interest in the Tartaruga Verde field as part of its divestment program.