BRAVA Energia has won the 2026 OTC Distinguished Achievement Award for Companies. This award is the most prestigious in the global oil and gas sector and, for the first time, was gone to an independent company from Brazil.
The award emphasizes the company’s ability, in a pioneering fashion for a Brazilian private company, to develop a deepwater production system – the Definitive Atlanta System, in the Santos Basin – from its initial greenfield phase.
With this achievement, BRAVA becomes the first independent Brazilian operator to receive the “Oscar” of the offshore segment, joining a very select group and reaffirming its expertise in managing and operating highly complex projects.
From “undrillable” to international benchmark.
The Atlanta field was discovered by a consortium of major companies in the early 2000s. However, having a poorly consolidated reservoir containing heavy oil (high viscosity), the project was considered unfeasible at the time. The wells were called “undrillable” and production was deemed impractical.
In 2012, Queiroz Galvão Exploração e Produção (later Enauta and now BRAVA Energia, after merging with 3R Petroleum) acquired a stake and became the operator of the asset. In 2018, production began through a pilot system, which was used to acquire knowledge and validate operational premises. In March 2020, the pandemic brought even more uncertainty and challenges to the implementation of the Project. Nevertheless, in 2022, BRAVA approved the investment of more than R$ 6 billion for Phase 1 of what was termed the Definitive System.
The award celebrates BRAVA’s technical ability to coordinate a complex ecosystem of suppliers and strategic partners. The project involved companies such as Yinson, OneSubsea, Baker Hughes, Sapura, Prysmian, and Constellation, among others. This management has been fundamental to ensuring delivery, while attesting to the confidence of the investors and the commitment of the suppliers to the venture.
In 2024, BRAVA confirmed a partnership with the North American company Westlawn, which acquired a 20% stake in Atlanta, making it the first foreign oil company to enter the Brazilian market in five years.
An operational leap
In operation since December 2024, the Atlanta Definitive System has brought about a jump in scale for BRAVA. The Atlanta FPSO (floating production, storage and offloading unit) has the capacity to produce up to 50,000 barrels of oil per day and to store up to 1.6 million barrels of oil. The new platform is almost twice the size of the Petrojarl I FPSO, which operated during the pilot system.
In production since the end of 2024, the Atlanta Definitive System has already exceeded 11 million barrels of oil produced – if the pilot system is included, it amounts to almost 45 million barrels. The operational efficiency was confirmed by the setting of a daily production record of 45,500 barrels, a milestone that brings the operation closer to the unit’s total capacity.
Located 185 kilometers off the coast of Rio de Janeiro state, in water depths exceeding 1,500 meters, Atlanta is considered to be the world’s deepest heavy oil field. To enable its production, project innovations include the artificial lifting of the oil: operating with two wells connected to the same multiphase pump, a unique solution for such challenging conditions.
Generating value and economic impact
In addition to the application of innovative technologies, the operation has become a driver of profitability, consistently generating free cash flow and ensuring a return on invested capital.
The delivery of the Atlanta Definitive System translates into enhanced operational predictability, cost control and efficiency in capital allocation — fundamental pillars for generating cash flow and creating sustainable value for the shareholders.
The operational performance delivers benefits to society, generating approximately 1,100 continuous direct jobs and an estimated R$ 5 billion in royalties up to 2044.
Efficiency and emissions reduction
During the FPSO adaptation, BRAVA prioritized the efficient management of its emissions. One example was maximizing the reutilization of materials and equipment, thereby avoiding the emission of more than 100,000 tons of CO2.
The operation also focuses on energy efficiency: one of the leading solutions is the utilizing of the very oil produced – with its low sulfur content – as fuel for generating electricity on board, replacing the diesel fuel and thus reducing the emissions.
Timeline
- 2018 – Production start-up of the Pilot System
- 2022 – Approval of Phase 1 of the Definitive System
- 2022 – Drilling new wells for the Definitive System
- 2024 – Production start-up of the Definitive System
- 2025 – Approval of Phase 2 of the Definitive System
- 2025 – 40 million barrels produced
- 2026 – Awarded the OTC Distinguished Achievement Award for Companies
First year of production, looking to the future.
At the close of 2025, BRAVA completed the first year of the Atlanta Definitive System. In addition to the oil produced, there were also 470 days without accidents involving lost-time, a statistic that covers the whole period since the arrival of the FPSO Atlanta at the location. Furthermore, 393,504 man-hours were recorded as worked in operations and maintenance, while 165 operational and emergency simulations were carried out on board.
In terms of logistics and distribution, the company carried out 13 offloading operations (transferring of oil produced). Air traffic was also intense, with 238 helicopter flights recorded.
With the completion of the first phase of the Definitive System, BRAVA Energia forecasts further progress in 2027, with the drilling of additional wells during this year that should increase the company’s offshore production.
BRAVA being awarded the OTC Distinguished Achievement Award for Companies acknowledges the company’s high capacity for developing and operating highly complex projects, as well as highlighting the significance and importance of the independent companies in the development of the oil and gas sector in Brazil.
