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29 Pages

Brazil Espirito Santo exploration basin

Brazil Espirito Santo exploration basin

Report summary

Over 1.1 billion barrels of oil have been discovered to date in the Espírito Santo Basin.  With nearly 450 wells drilled, the basin has seen much less exploration than its southern neighbours, the Campos and Santos basins.  Early exploration in the Espírito Santo Basin focused onshore, and provided a large number of small oil finds.  In the early 2000s exploration moved into deeper waters as acreage became available in licensing rounds. The Golfinho discovery of 2003 confirmed a new Late Cretaceous deepwater play.  Accounting for approximately 675 million barrels discover, this play remains under-explored and further drilling may reveal additional potential. Over the last decade the basin has failed to create value, and as a result we assume that offshore exploration levels will remain low, especially in the near term. 

What's included?

This report includes 2 file(s)

  • Brazil Espirito Santo exploration basin PDF - 672.16 KB 29 Pages, 19 Tables, 32 Figures
  • Brazil Espírito ZIP - 2.67 MB


Oil and gas exploration is an industry in constant motion, from technological breakthroughs to shifting supply and demand. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.

This Exploration Basin report provides a detailed analysis of exploration of this basin, including discovery and development costs, location maps and information about licensing and fiscal terms. You'll also find information about discovery and development costs and full-cycle returns.

Explorers and advisors can use this report to understand the history and potential value of this basin.

Wood Mackenzie has access to historic data for over 450 basins and forecasts for more than 125 basins. We provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies.

Our in-depth analysis gives you the information you need to navigate the ever-changing challenges of oil and gas exploration so you can make critical commercial decisions.

  • Key facts
  • Summary and key issues
    • Key issues include:
  • Location maps
  • Participation
  • Key companies
  • Geology
  • Exploration
    • Wells drilled
    • Basin success rates
  • Reserves and resources
    • Volumes discovered
    • Play inputs
      • Creaming curve and key play data
    • Model field pool size distribution
    • Existing discoveries and modelled yet-to-find pool size distribution
  • Development
    • Yet-to-find costs and underlying development assumptions
  • Costs
  • Fiscal and regulatory
    • Licensing
    • Fiscal terms
  • Economic assumptions
    • Oil and gas prices
  • Economic analysis
    • TYP economics
    • The majority of discoveries made in the period are small and we have therefore classed them as contingent. Although a couple of commercial discoveries were made, these have generally been small in size, less than 100 million barrels of oil equivalent. This, combined with the high-cost environment, particularly in the deepwater sector, has resulted in value destruction.
    • Outlook economics
    • Development value
      • Late Cretaceous/Tertiary Deepwater
    • Prospect breakeven price
      • Late Cretaceous/Tertiary Deepwater
    • Expected monetary value (EMV)
    • Play economics
    • Full cycle basin economics
    • Implied acreage value

In this report there are 51 tables or charts, including:

  • Key facts
    • Play level data
    • Assumptions
    • Key facts: Table 3
  • Summary and key issues
    • Value creation versus investment (TYP period)
    • Value creation versus investment (outlook)
    • Commerciality index
  • Location maps
    • Exploration history map
    • Location maps: Image 2
  • Participation
    • Licensed exploration acreage
    • Expiry forecast of current licences
  • Key companies
    • 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
  • Geology
    • Key play characteristics
  • Exploration
    • Drilling activity by well type
    • Cumulative exploration wells by play
    • Discoveries and success rates
    • Discoveries by licence year and drilling year
  • Reserves and resources
    • Basin creaming curve
    • Key basin data
    • Volumes discovered by year
    • Average discovery size and volume per well by year
    • Top discoveries (TYP period)
    • Reserves and resources: Image 4
    • Reserves and resources: Image 5
    • Late Cretaceous/Tertiary Deepwater
    • Reserves and resources: Table 3
    • Late Cretaceous/Tertiary Deepwater
    • Late Cretaceous/Tertiary Deepwater
  • Development
    • Late Cretaceous/Tertiary Deepwater
  • Costs
    • Recent discovery costs
    • Summary of discovery and development costs
    • Exploration and appraisal spend
    • Exploration spend per well and average well depth
  • Fiscal and regulatory
    • Typical fiscal terms - concession contract
  • Economic assumptions
    • Brent and local oil price assumptions
    • Henry Hub and local gas price assumptions
  • Economic analysis
    • 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
    • Breakeven price of exploration
    • Discount rate breakeven price sensitivities
    • Late Cretaceous/Tertiary Deepwater
    • Late Cretaceous/Tertiary Deepwater
    • Full cycle economic analysis
    • Average value of future discoveries and implied acreage value
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