Petrobras Puts Production Focus on Existing Oil Fields

Brazil’s Petrobras plans to extract every last drop of oil from existing oil fields, Bloomberg has reported, while also searching for fresh deposits to avoid a decline in output in the next decade. As part of these plans, Petrobras will seek to revitalize production from aging fields, such as those in the Campos Basin, where recovery rates have declined to just 17% and this “bothers” the company’s management, according to chief executive Magda Chambriard. The guiding principle for the company would be “all the oil…