We have been producing increasingly more, and faster
Our daily oil production in the pre-salt cluster has tripled in the last 4 years, from 500,000 barrels per day in 2014, to 1,500,000 barrels of oil per day in 2018.
Average output from the pre-salt
The comparison with our own output track record shows the dimensions of this result: It took 45 years, from the creation of our company, for us to reach the output of the first million barrels of oil, in 1998. It took 49 years, from the creation of the company, to reach the 1,500,000-barrel mark in 2002.
The fast growth in production proves the high productivity of the wells in operation in the pre-salt, and represents a significant milestone in the oil industry, especially because the fields are located in deep and ultradeep waters.
Number of wells x Output
POST-SALT 1984 4.108 WELLS 500,000 BARRELS PER DAY
PRE-SALT 2018 77 WELLS 1,500,000 BARRELS PER DAY
Another fact that shows the high productivity of the pre-salt is the number of producer wells compared to the output volume. In 1984, we used to need 4,108 producer wells to reach 500,000 barrels per day. In the pre-salt, we have tripled that production volume with 77 wells.
Without giving up the world’s best operational practices, we have been drilling wells in the pre-salt in less and less time. The average time it takes to build a well in the Santos Basin pre-salt cluster, for example, decreased 2.5 times between 2010 and 2018, with the progress that has been made in the knowledge of geology, with the introduction of cutting-edge technologies, and with increased project efficiency.
Mean construction time for offshore wells
- 2010310 DAYS
- 2018127 DAYS
With the knowledge accumulated in our operations and with technological innovation, the average cost to lift pre-salt oil has dropped gradually over the past few years. From $9.1 per barrel of oil equivalent (oil + gas), in 2014, to $8.3, in 2015, and less than $8 per barrel in the first quarter of 2016. In 2018, it dropped below $7.