Petrobras (PBR) Begins Production at Itapu Offshore Oil Field
Petrobras PBR, the Brazilian state-owned oil major, recently announced that it commenced oil production from the P-71 FPSO installed in the Itapu field in the Santos Basin pre-salt area, roughly 200 km off the coast of Rio de Janeiro.
The P-71 FPSO, where output has started ahead of the anticipated date in 2023, can process up to 150,000 barrels of oil and 6 million m³ of gas per day. The P-71 measures 316 meters in length and can store 1.6 million barrels and has the capacity to accommodate 166 people.
The P-71 will be positioned in a water depth of 2,010 meters and will be the only FPSO to produce in the Itapu field, fully operated by PBR. The company expects the unit to reach its maximum production capacity in 2023.
The unit is Petrobras’ last in the series of six replicant platforms that the firm operates. These units feature high production capacity, advanced operating technologies and emission reduction, with the same replicated engineering design.
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A., or Petrobras S.A., is the largest integrated energy firm in Brazil and one of the largest in Latin America. PBR’s activities include the exploration, exploitation and production of oil from reservoir wells, shale and other rocks, as well as refining, processing, trading and transportation.
Petrobras currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space that warrant a look include BP BP, Phillips 66 PSX and Murphy USA MUSA, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for BP’s 2022 earnings is pegged at $9.10 per share, which is an increase of about 138.2% from the year-ago earnings of $3.82.
BP beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 23.1%.
Estimates for Phillips’ 2022 earnings stand at $20 per share, up about 250.9% from the year-ago earnings of $5.70.
PSX beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 28%.
The Zacks Consensus Estimate for Murphy USA’s 2022 earnings stands at $26.99 per share, which indicates an increase of 80.9% from the year-ago earnings of $14.92.
MUSA beat the consensus mark for earnings in all the trailing four quarters, the average being approximately 51%.
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