Brazil Campos exploration basin Report

Asset Report 31 August 2020

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Report summary

The Campos Basin is a proven oil province and remains the centre of production in Brazil. Deepwater turbidite sandstones have provided numerous world-class oil discoveries over the past four decades. A number of large pre-salt discoveries have also been made but volumes are much lower than those found in the pre-salt play of the neighbouring Santos Basin. Full cycle economics for the basin during the ten-year study period are despite the lack of any commercial discovery in the second half of the period. Future returns are expected to be lower, albeit positive, with the basin averaging an IRR of 14% at Base price. This is in part due to our forecast of lower exploration activity levels and hence lower prospective resource volumes compared with the last ten years.