Asset Report

Brazil Campos exploration basin

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13 March 2018

Brazil Campos exploration basin

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 were very strong due to the discovery and development of large oil volumes. 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 yet-to-find volumes compared with the last ten years. In addition, the deepwater pre-salt play is now modelled under the new, harsher PSC terms.

Table of contents

  • Key facts
  • Summary and key issues
  • Location maps
  • Participation
  • Key companies
  • Geology
    • Wells drilled
    • Basin success rates
    • Volumes discovered
    • Prospective resource potential
    • Play inputs
    • Creaming curve and key play data
    • Model field pool size distribution
    • Existing discoveries and modelled yet-to-find pool size distribution
    • Yet-to-find costs and underlying development assumptions
  • Costs
    • Licensing
    • Fiscal terms
    • Oil and gas prices
    • TYP economics
    • Outlook economics
    • Cretaceous - Tertiary Shelf
    • Late Cretaceous - Tertiary Deepwater
    • Early Cretaceous Deepwater
    • Prospect breakeven price
    • Cretaceous - Tertiary Shelf
    • Late Cretaceous - Tertiary Deepwater
    • Early Cretaceous Deepwater
    • Expected monetary value (EMV)
    • Full cycle basin economics
    • Implied acreage value

Tables and charts

This report includes 76 images and tables including:

  • Play level data
  • Assumptions
  • Key facts: Table 3
  • Value creation versus investment (TYP period)
  • Value creation versus investment (outlook)
  • Commerciality index
  • Location maps: Image 1
  • Location maps: Image 2
  • Licensed exploration acreage
  • Expiry forecast of current licences
  • Key licence holders
  • Key well operators (TYP period)
  • Gross exploration wells completed by operator
  • Net exploration wells completed by participant
  • Company success rates and discoveries
  • Key play characteristics
  • Recent discovery costs
  • Costs: Table 2
  • Exploration and appraisal spend
  • Exploration spend per well and average well depth
  • Drilling activity by well type
  • Cumulative exploration wells by play
  • Discoveries and success rates
  • Discoveries by licence year and drilling year
  • Basin creaming curve
  • Key basin data
  • Volumes discovered by year
  • Average discovery size and volume per well by year
  • Top discoveries (TYP period)
  • Cumulative discoveries by play
  • Cumulative volumes discovered by play
  • Forecast data by play (outlook)
  • Reserves and resources: Image 6
  • Reserves and resources: Table 4
  • Late Cretaceous - Tertiary Deepwater
  • Reserves and resources: Table 5
  • Early Cretaceous Deepwater
  • Reserves and resources: Table 6
  • Cretaceous - Tertiary Shelf
  • Reserves and resources: Table 8
  • Reserves and resources: Table 9
  • Cretaceous - Tertiary Shelf
  • Late Cretaceous/Tertiary Deepwater
  • Early Cretaceous Deepwater
  • Cretaceous - Tertiary Shelf
  • Late Cretaceous/Tertiary Deepwater
  • Early Cretaceous Deepwater
  • Typical fiscal terms - concession contract
  • Typical fiscal terms - PSC
  • Brent and local oil price assumptions
  • Henry Hub and local gas price assumptions
  • Value creation, spend and volume discovered
  • Returns by drilling year
  • Breakeven price versus prospect size
  • Value creation versus investment
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities
  • Cretaceous - Tertiary Shelf
  • Late Cretaceous/Tertiary Deepwater
  • Early Cretaceous Deepwater
  • Play economics
  • Cretaceous - Tertiary Shelf
  • Late Cretaceous - Tertiary Deepwater
  • Early Cretaceous Deepwater
  • Full cycle economic analysis
  • Average value of future discoveries and implied acreage value

What's included

This report contains:

  • Document

    Brazil Campos.zip

    ZIP 4.16 MB

  • Document

    Brazil Campos exploration basin

    PDF 866.37 KB

  • Document

    Brazil Campos exploration basin

    ZIP 4.86 MB

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