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HOUSTON - Petrobras (NYSE:PBR), a prominent player in the Oil, Gas & Consumable Fuels industry with a market capitalization of $83.35 billion, has awarded SLB (NYSE:SLB) a contract to provide completions technologies and services for up to 35 ultra-deepwater wells in Brazil’s Santos Basin, according to a press release statement issued Wednesday. InvestingPro analysis indicates the stock is currently undervalued, with strong financial health metrics and a notable dividend yield of 12.53%.
The contract involves wells in the second development phase of the Atapu and Sépia fields, which target oil and gas deposits beneath thick salt layers up to 2,000 meters below the ocean surface.
SLB will deploy electric completions technologies and digital solutions designed to provide real-time production intelligence and improved reservoir management. The company’s scope includes the use of Electris high-flow-rate interval control valves, which are engineered for production control in geologically complex wells.
"This will help Petrobras drive greater reliability, system uptime and production performance in those fields," said Paul Sims, president of Production Systems at SLB.
The completions work is scheduled to begin in mid-2026. The contract follows another major award to the SLB OneSubsea joint venture by Petrobras in 2024 for standardized, pre-salt subsea production systems for the same fields.
Petrobras selected SLB after a competitive tender process. The contract value was not disclosed in the announcement.
The Santos Basin is considered strategically important for Brazil’s energy production, with these pre-salt fields representing significant hydrocarbon resources for the country.
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