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Petrobras (PBR), SLB Sign a Five-Year Digitalization Contract

Petrobras (PBR), the state-owned oil and gas company of Brazil, has awarded a five-year contract to oilfield service major SLB SLB for the enterprise-wide deployment of its Delfi digital platform, per media reports.

According to SLB, the contract’s scope encompasses Petrobras' digital transformation of its exploration, development and production activities, including moving subsurface workflows to the cloud to considerably speed up decision-making. The award marks one of Petrobras' greatest investments in cloud-based technology and lays the groundwork for the company to meet its decarbonization and net-zero targets.

Rakesh Jaggi, president, Digital & Integration, SLB, stated that Petrobras would aggressively boost efficiency and output throughout its E&P business by utilizing AI, machine learning and high-performance computing technologies from SLB.

SLB claimed that the Delfi platform had a decrease in processing time for geological and geophysical interpretation, with certain processes seeing a drop from hours to minutes. In petrophysical modeling workflows, for instance, AI and machine learning technologies cut fault interpretation time by 60%.

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The Delfi platform, according to Petrobras, will provide all of its engineers and geoscientists with scalable and seamless digital technology, allowing them to better focus on business operations. Petrobras' sizable investment in SLB digital technology for E&P is part of its strategy to boost overall operations production.

Zacks Rank & Key Picks

Currently, Petrobras carries a Zack Rank #3 (Hold).

Some better-ranked stocks in the energy sector are Evolution Petroleum Corporation EPM and NGL Energy Partners LP NGL. While Evolution Petroleum sports a Zacks Rank #1 (Strong Buy), NGL Energy Partners carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 60 days.

NGL Energy Partners, headquartered in Tulsa, OK, is a limited partnership operating a vertically-integrated propane business with three operating segments which are retail propane, wholesale supply and marketing, and midstream. NGL has witnessed an upward earnings estimate revision for 2024 in the past 30 days.

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Schlumberger Limited (SLB) : Free Stock Analysis Report

Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report

NGL Energy Partners LP (NGL) : Free Stock Analysis Report

Evolution Petroleum Corporation, Inc. (EPM) : Free Stock Analysis Report

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