Brasil's Petrobras wants to extend oil and gas fields contracts

Baku. 24 December. REPORT.AZ/ Brazil's state-run oil company Petrobras will have to agree to extract at least 900 million barrels more of oil and natural gas equivalent from its Marlim and Voador offshore oil fields to win early renewal of its concession rights.

Report informs, according to a report by Reuters, the financially troubled Petrobras, the world's most-indebted oil company, has said it wants to renew the contracts to explore for and produce oil in the areas through 2041 to justify new long-term investments. The concession was originally scheduled to expire in 2025.

Marlim, which began output in 1985, is believed to have contained as much as 14 billion barrels of oil, and is one of the world's largest oil-field discoveries in the last 40 years. Voador, which is nearly adjacent to Marlim in the Atlantic Ocean northeast of Rio de Janeiro, is currently not producing but is home to several new prospects.

By renewing early, it will be able to ensure it can count any remaining reserves on its financial accounts for a longer period, a move that could make it easier for it to raise capital.

The ANP, which has approved the submission of the renewal request to Brazil's Energy Ministry, also said Petrobras will have to install at least two new floating oil platforms as well as drill new wells and conduct periodic seismic studies in the areas.