Rig fleet expands as exploration success rate increases

By Gareth Chetwynd

 07 February 2013 23:59 GMT

Petrobras took delivery of 15 deep-water rigs during 2012, increasing its deep-water rig fleet to 40.

The state-owned Brazilian player said its exploration success rate had risen to 64% in 2012, counting 80 onshore wells and 57 offshore probes.

In the pre-salt province off Brazil, the company drilled 19 wells, of which four were dry.

The high-cost, high-risk nature of deep-water wildcatting meant this item weighed heavily on the financial results in 2012.

Petrobras chief executive Maria das Gracas Foster said the company-wide push to improve project management and budgeting would extend to unsuccessful wells.

She said the company was budgeting for a dry well cost of 6 billion Brazilian reais…

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