Petrobras Secures 30% Stake in $9B Raia Gas Project in Campos Basin
Petrobras holds a 30% stake in the $9 billion Raia gas project in the Campos Basin, with reserves of 1 bboe and first gas targeted for 2028. The operation involves six deepwater wells and will deliver up to 16 mcm/d through an FPSO-linked pipeline to Macaé, potentially supplying 15% of Brazil’s gas demand.
1. Project Overview
Drilling operations began this week at the Raia gas development located in the pre-salt region of Brazil’s Campos Basin, approximately 200 km offshore in water depths near 2,900 m. The campaign uses the Valaris DS-17 drill ship to sink six wells as part of the first execution phase.
2. Petrobras Participation and Investment
Petrobras holds a 30% interest alongside Equinor (35%) and Repsol Sinopec Brasil (35%) in a project with total estimated costs of $9 billion. This positions Petrobras to contribute roughly $2.7 billion toward development expenditure over the coming years.
3. Technical and Production Details
The Raia project boasts recoverable reserves exceeding one billion barrels of oil equivalent and will use an FPSO to process oil, condensate and natural gas. It aims to produce up to 16 mcm/d and transport it via a subsea pipeline to Cabiúnas in Macaé, with oil and condensate output capacity of 126,000 bpd.
4. Long-Term Impact
First gas is targeted for 2028, with a projected 30-year operational lifespan that could supply 15% of Brazil’s gas demand. The development is expected to support up to 50,000 direct and indirect jobs and maintain a carbon intensity of about 6 kg CO₂ per boe.