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Petrobras hands contract to Offshore driller Seadrill for work in the Búzios field

Seadrill will commence work on December 2022 and the contract is for 1,040 days

Brazilian state-owned oil giant Petrobras has handed a contract to offshore driller Seadrill for work in the Buzios field located offshore Brazil, media reports said. The contract is expected to be worth around $264 million.

Seadrill is expected to begin work for Petrobras’ in December 2022 and the contract is expected to be for a period of 1040 days.

Seadrill’s chief executive officer, Stuart Jackson told the media, “Petrobras is a long-standing and valued customer of Seadrill and signing a third contract with them this quarter is testament to our strong partnership and commitment to the Brazilian market. Seadrill is focused on growing our fleet in strategic basins where we see high growth potential, such as Brazil, where we are now the largest international drilling contractor.”

Petrobras is mulling selling its 100 percent stake in the Catua Field, in the Campos Basin, media reports said. The field is located in the waters of Espirito Santo State, around 128 kilometres offshore.

The field was discovered by Petrobras in 2003 and according to the company, the estimated stock tank original oil-in-place (STOOIP) is up to 993.82 MM oil boe.

Earlier this year, it was reported that Brazilian President Jair Bolsonaro is considering the privatisation of Petrobras. A decision, however, is yet to be taken.

Bolsonaro told a local radio station, “I want to privatise Petrobras, yes, I do. I shall see together with the economic team what we can do.”

Recently, Brazil’s Minister of the Economy Paulo Guedes also revealed that the Jair Bolsonaro led administration will privatise Petrobras within a decade.

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