Petrobras (PBR) to Receive OTC Award for New Well Technology
Petrobras PBR will receive the 2023 OTC Brasil Distinguished Achievement Award for its development of a new well construction/intervention technology that combines a moored BOP (blowout preventer) with real-time riser analysis. This award is important because it recognizes PBR’s significant contributions to the development of innovative well technology in the global offshore industry.
The award is given to organizations that have made outstanding achievements in technological, humanitarian, safety, environmental and leadership areas. Petrobras is being honored for its development of a new well-intervention technology that has the potential to improve safety and efficiency in the offshore oil and gas industry.
The New Technology
The new technology consists of a moored BOP, which is anchored to the seabed, and a real-time riser analysis system that monitors the forces on the riser. The BOP is designed to automatically close in the event of a blowout, and the riser analysis system helps ensure that the riser does not exceed its safe operating limits.
The technology was developed by a team of engineers and technicians at Petrobras, who worked for several years to overcome the challenges of developing a safe and reliable system. The technology has been successfully tested in shallow water and is now being used in commercial operations.
Benefits of the Invention
The use of dynamic positioning (DP) rigs in shallow water has several benefits. DP rigs are more maneuverable than anchored rigs, allowing them to operate in confined or congested areas. These rigs are also more environmentally friendly, as they do not require the use of anchors or anchor chains.
In addition, the use of the new technology can help improve safety. The moored BOP provides a more secure barrier against blowouts, and the real-time riser analysis system helps prevent riser failures.
Conclusion
The development of this new technology is a significant achievement for Petrobras as well as the Brazilian oil and gas industry. It has the potential to improve safety, reduce costs and protect the environment. The OTC Brasil Distinguished Achievement Award is a well-deserved recognition of Petrobras' commitment to innovation and excellence.
Zacks Rank and Key Picks
Currently, PBR carries a Zacks Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are CVR Energy CVI, sporting a Zacks Rank #1 (Strong Buy), and Evolution Petroleum EPM and Archrock AROC, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CVR Energy (CVI) is valued at around $3.50 billion. In the past year, its shares have risen 5.3%.
CVI currently pays a dividend of $2 per share, or 5.75% on an annual basis. Its payout ratio currently sits at 30% of earnings.
Evolution Petroleum is worth approximately $295.76 million. EPM currently pays a dividend of 48 cents per share, or 5.40% on an annual basis.
The company currently has a forward P/E ratio of 8.23. In comparison, its industry has an average forward P/E of 17.70, which means EPM is trading at a discount to the group.
Archrock is valued at around $2.03 billion. It delivered an average earnings surprise of 15.08% for the last four quarters and its current dividend yield is 4.79%.
Archrock is a provider of natural gas contract compression services and aftermarket services of compression equipment.
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Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report
CVR Energy Inc. (CVI) : Free Stock Analysis Report
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Archrock, Inc. (AROC) : Free Stock Analysis Report
