SLB Secures Major Oilfield Services Contract in the Santos Basin

SLB SLB, a leading global oilfield services company, has secured a contract from the Brazilian state-owned energy company, Petrobras S.A. PBR. The contract involves providing oilfield services and technology for up to 35 wells located in the deep waters of the Santos Basin, offshore Brazil. SLB mentioned that the award of the contract followed a very competitive bidding procedure.

The Santos Basin is one of the most prolific oil and gas producing regions in Latin America and plays a crucial role in the region’s energy sector. The ultra-deepwater wells are part of the second development phase of the Atapu and Sépia oil fields, which hold massive pre-salt reserves in the prolific Santos Basin. The wells are aimed at unlocking significant oil and gas reserves trapped in thick salt layers at water depths of approximately 2,000 meters.

Scope of the Project

The project’s scope involves utilizing SLB’s advanced electric completions technologies, which monitor the flow of hydrocarbons in the well, and SLB’s unique digital solutions that can cumulatively provide real-time production insights. Furthermore, SLB’s offerings are also expected to enhance reservoir management, which should help Petrobras extract hydrocarbons optimally from these resources.

Well completion work related to this project is slated to begin in the middle of 2026. The completions activities will be supported by cutting-edge technology and service offerings from SLB’s completions portfolio, including Electris high-flow-rate interval control valves. These ICVs are engineered to regulate high-flow-rate production and enhance recovery rate from complex wells.  

Field Details & Stakeholders

Petrobras holds a 65.7% interest in the Atapu field. The other partners in this field are TotalEnergies, holding a 15% stake; Shell, with a 16.7% stake; and Petrogal and PPSA, with 1.7% and 0.9% stakes, respectively. The Atapu field has been operational since 2020 and has been producing through the FPSO P-70. In the Sépia field, which came online in 2021, Petrobras owns a 55.3% stake. Its partners in the field are TotalEnergies, with a 16.9% stake, Petronas and QatarEnergy holding 12.7% each, and Petrogal holding 2.4%.

Enhancing Petrobras’ Production Efficiency

SLB believes that its technology and services enable PBR to increase the reliability and efficiency of its production systems, contributing to the nation’s growth and energy security. The oilfield services firm mentioned that the contract was a major one. However, financial details regarding the project have not been disclosed yet.

Subsea Production Systems Contract Awarded to FTI

Petrobras has recently awarded a substantial contract to the leading subsea technology firm, TechnipFMC plc FTI, for the design, engineering, and manufacturing of subsea production systems intended to support several projects across PBR’s global oil and gas portfolio. These subsea systems will be utilized across greenfield developments, brownfield expansions, and other projects to aid in the Brazilian energy firm's growth plans.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research