Petrobras Holds 30% Stake in $9B Raia Gas Project as Drilling Begins
Petrobras holds a 30% stake in the $9 billion Raia offshore project, where drilling began March 24 using the Valaris DS-17 drillship targeting six wells in Brazil’s pre-salt Campos Basin. Raia’s 1 billion+ boe reserves aim to deliver 16 million m3/d of gas by 2028, covering 15% of national demand.
1. Petrobras's 30% Stake in Raia Project
Petrobras holds a 30% interest in the Raia project alongside Equinor (35%) and Repsol Sinopec (35%), with drilling launched March 24 using the Valaris DS-17 drillship to target six pre-salt wells in the Campos Basin, approximately 200 km offshore at 2,900 m depths.
2. Project Scale and Reserves
Raia contains over 1 billion barrels of oil equivalent in recoverable gas and condensate, supported by a 200 km subsea pipeline to the Cabiúnas facility and an FPSO designed for 126,000 barrels per day of oil and condensate.
3. Production Timeline and Market Impact
First production is expected in 2028 with daily gas exports of up to 16 million cubic meters, representing roughly 15% of Brazil’s projected gas demand and reinforcing Petrobras’s role in boosting domestic supply.
4. Emissions Profile and Strategic Importance
The FPSO is designed for carbon intensity of about 6 kg of CO2 per barrel of oil equivalent, well below industry average, underscoring Petrobras’s strategic shift toward lower-carbon upstream operations and long-term cash flow visibility.