Barra Energia, a newly established independent oil company from Brazil, intended to form prospects in onshore and shallow water with $500 million in financial support from the First Reserve Corp.
According to Renato Tadeu Bertani (Thompson & Knight Energy Services chief executive officer ) and Joao Carlos de Luca (president of the Brazilian Petroleum and Gas Institute and formerly the Repsol YPF Brazil president), Barra Energia’s aim to pursue ultradeep breakthroughs offshore, along with an assumed tighter control over them by Brazil, made the shallow locations a point of opportunity.
Bertani said that because most of the focus has been on deep water, there is not much attention given to onshore and shallow water discoveries.
The company intended to implement new geologic models and enhanced technology to advanced areas of manufacturing to boost output, as much as the latest strategies have enabled businesses to use shale in developing gas production in the United States.
The initial deal was said to come soon, but the company founders did not disclose a particular date.
First Reserve Houston’s branch managing director, Will Honeybourne, said that this was the way America reinvents itself. He further added that since Brazil lacked capitalized independents, there are countless opportunities for improvement.