Asset report

Brazil Espirito Santo exploration basin

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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 contains

  • Document

    Brazil Espírito Santo.zip

    ZIP 2.67 MB

  • Document

    Brazil Espirito Santo exploration basin

    PDF 672.16 KB

  • Document

    Brazil Espirito Santo exploration basin

    ZIP 3.21 MB

Table of contents

  • Key facts
    • Key issues include:
  • Location maps
  • Participation
  • Key companies
  • Geology
    • Wells drilled
    • Basin success rates
    • Volumes discovered
      • 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
    • 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
      • Late Cretaceous/Tertiary Deepwater
      • Late Cretaceous/Tertiary Deepwater
    • Expected monetary value (EMV)
    • Play economics
    • Full cycle basin economics
    • Implied acreage value

Tables and charts

This report includes 51 images and tables including:

Images

  • Value creation versus investment (TYP period)
  • Value creation versus investment (outlook)
  • Exploration history map
  • Location maps: Image 2
  • Licensed exploration acreage
  • Expiry forecast of current licences
  • Gross exploration wells completed by operator
  • Net exploration wells completed by participant
  • Exploration and appraisal spend
  • Exploration spend per well and average well depth
  • Commerciality index
  • Drilling activity by well type
  • Cumulative exploration wells by play
  • Discoveries and success rates
  • Discoveries by licence year and drilling year
  • Basin creaming curve
  • Volumes discovered by year
  • Average discovery size and volume per well by year
  • Reserves and resources: Image 4
  • Reserves and resources: Image 5
  • Late Cretaceous/Tertiary Deepwater
  • 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
  • Late Cretaceous/Tertiary Deepwater
  • Value of potential discoveries
  • Unit value of potential discoveries
  • Breakeven price of exploration
  • Discount rate breakeven price sensitivities

Tables

  • Play level data
  • Assumptions
  • Key facts: Table 3
  • Key licence holders
  • Key well operators (TYP period)
  • Company success rates and discoveries
  • Key play characteristics
  • Recent discovery costs
  • Summary of discovery and development costs
  • Key basin data
  • Top discoveries (TYP period)
  • Late Cretaceous/Tertiary Deepwater
  • Late Cretaceous/Tertiary Deepwater
  • Typical fiscal terms - concession contract
  • Late Cretaceous/Tertiary Deepwater
  • Late Cretaceous/Tertiary Deepwater
  • Full cycle economic analysis
  • Average value of future discoveries and implied acreage value
  • Reserves and resources: Table 3

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