Petrobras, Brazil's state-owned oil company, says that it could begin Sudoeste de Tartaruga Verde in just two years.

Sylvia Anjos said that Brazil's Petrobras may begin producing oil at the Sudoeste de Tartaruga verde block within two years. In November, the firm discovered the block in Brazil's Campos Basin. Anjos described the discovery as "marvelous" on the sidelines an event in Rio de Janeiro. Anjos explained that the tight timeline for production would be possible due to Petrobras's plan not to commission a floating vessel to develop the well but instead to connect it with an offshore unit nearby through a subsea cable. Petrobras has reduced its investments in the business plan for 2026-2030, partly due to lower Brent oil prices. The company has focused on improving existing wells' efficiency and reviewed some projects.

Anjos suggested that Petrobras, in order to reduce costs, could use the pipelines leftover from its explorations of the presalt region instead of purchasing new ones.

Anjos said Petrobras will enjoy "incredible savings" if they can make use of these pipelines. (Reporting and editing by Fabio Téixeira)

(source: Reuters)