Asset Report

Brazil Barreirinhas exploration basin

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25 May 2018

Brazil Barreirinhas exploration basin

Report summary

The Barreirinhas Basin is a predominantly offshore basin, located on the Brazilian Equatorial Margin. Exploration onshore and in shallow waters has met with negative results; future activity will focus on the deepwater play where explorers hope to replicate the recent success achieved in nearby analogous basins (Guyana basin and southern Brazil). Only two of the 67 wells drilled to date have penetrated the deepwater acreage. The deepwater portion is truly frontier; operators face a very high cost environment, and a fiscal regime that provides little cushion against high costs and low prices. As a result we have assumed the exploration levels will remain low in the near term, especially in comparison to other more established offshore Brazil basins, with operators struggling to create value. This report is accompanied by multiple excel downloads which detail recent costs, volumes discovered and value, in addition to yet-to-find volumes, prospect economics and value creation potential.

Table of contents

  • Key facts
    • Key issues include:
  • Location maps
  • Participation
  • Key companies
  • Geology
    • Wells drilled
    • Volumes discovered
    • Prospective resource potential
    • Key play data
    • Model field pool size distribution
    • Existing discoveries and modelled prospective resource pool size distribution
    • Prospective resource costs and underlying development assumptions
  • Costs
    • Licensing
    • Fiscal terms
    • Oil price
    • TYP economics
    • Outlook economics
      • Development value
      • Cretaceous Tertiary Deepwater
      • Prospect breakeven price
        • Cretaceous Tertiary Deepwater
      • Expected monetary value (EMV)
      • Play economics
    • Full cycle basin economics
      • Implied acreage value

Tables and charts

This report includes 40 images and tables including:

  • Play level data
  • Assumptions
  • Price Assumptions
  • Value creation versus investment (TYP period)
  • Value creation versus investment (outlook period)
  • Location maps: Image 1
  • Location maps: Image 2
  • Licensed exploration acreage
  • Expiry forecast of current licences
  • Key licence holders
  • Gross exploration wells completed by operator
  • Net exploration wells completed by participant
  • Key play characteristics
  • Recent discovery costs
  • Summary of discovery and development costs
  • Exploration and appraisal spend
  • Exploration spend per well and average well depth
  • Summary and key issues: Image 3
  • Drilling activity by well type
  • Cumulative exploration wells by play
  • Basin creaming curve
  • Key basin data
  • Frontier methodology parameters
  • Reserves and resources: Table 3
  • Cretaceous Tertiary Deepwater
  • Cretaceous Tertiary Deepwater
  • Paleogene Cretaceous Deepwater
  • Fiscal and regulatory: Table 1
  • Brent and local oil price assumptions
  • Value creation, exploration spend and volume discovered
  • Breakeven price versus prospect size
  • Value creation versus investment
  • Full-cycle economic analysis
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Cretaceous Tertiary Deepwater
  • Cretaceous Tertiary Deepwater
  • Average value of future discoveries and implied acreage value
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities

What's included

This report contains:

  • Document


    ZIP 3.33 MB

  • Document

    Brazil Barreirinhas exploration basin

    PDF 3.02 MB

  • Document

    Brazil Barreirinhas exploration basin

    ZIP 6.30 MB