The Union’s oil production reached a new record in July, reaching 86 thousand barrels of oil per day (bpd). The volume refers to the eight sharing contracts (81.76 thousand bpd) and the Production Individualization Agreements (AIPs) of the non-contracted areas of Tupi and Atapu. The result is 21.13% above the June production and was mainly influenced by the increase in Mero’s production. In the same period, the Union was entitled to a natural gas production of 175 thousand cubic meters per day (m³) per day, 5.4% higher than the June result. The data are part of the Monthly Production Bulletin, released this Tuesday (17) by PPSA (Pré-Sal Petróleo).
Under the production-sharing regime, the Union has the right to a share of the oil and natural gas production from all fields put out to tender. There are currently 24 contracts signed under the production-sharing regime, and eight of them are producing. In other words, the Union has the right to a share of the production from each of these fields.
PPSA is the company that manages these contracts and is also the company that sells these installments.
Furthermore, PPSA represents the Union in agreements to individualize production in the pre-salt polygon. In other words, whenever a block acquired by any company operating in the polygon exceeds the contracted area, thus expanding its production in an area not contracted, it is necessary to enter into an agreement to individualize production. PPSA represents the Union in this agreement and thus the Union also becomes entitled to a share of the production.
The Union is not an operating company, but it has production due to its participation in eight contracts and in two more agreements to individualize production in the non-contracted areas of Tupi and Atapu.
According to the technical director and interim president of PPSA, Tabita Loureiro, with this new record, the Union positioned itself, in July, as the sixth largest oil producer in the country. “We started the year in ninth place in the ranking and we are growing. We will have a lot of oil to sell in the coming years. Tomorrow we will carry out a new spot sales process to sell 1.5 million barrels of oil in three cargoes from the Atapu, Sépia and Itapu fields and in 2025 we will have a new auction at B3 to sell the 2026 cargoes”, she said.
Production sharing contracts
Total production under production-sharing contracts is stable at 1 million barrels of oil per day. There are eight contracts in production and the Búzios field remains the largest producer, with around 470 thousand bpd, followed by Mero (302 thousand bpd) and Sépia (97.4 thousand bpd). Since 2017, when the historical series began, accumulated production under the production-sharing regime has reached 873 million barrels of oil. The Union’s accumulated production totals 48.37 million barrels.
Also in July, the production of natural gas available for export under the sharing regime was 4.11 million m³ per day. The result represents an increase of 8% compared to the previous month. The best result was due to the increase in gas exports at the FPSO Carioca, in the Sépia Field. Of this total, the Union was entitled to a production of 175 thousand m³ per day, adding the results of the Tupi AIP. Since 2017, the beginning of the historical series, the accumulated export of natural gas under the sharing regime is 2.5 billion. The accumulated share of the Union amounts to 192 million.
