Asset report

Brazil Santos exploration basin

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Report summary

Nearly 36 billion barrels of oil equivalent have been discovered in the basin as a whole to date, the vast majority of which was found in the last ten years. The Lula oil find in 2006 was the first of several giants that confirmed the Early Cretaceous pre-salt to be the world's largest new oil play of recent years. Value creation in the Santos Basin over the past ten years has been phenomenal, due to the super-giant volumes discovered in this play. Despite the basin's huge yet-to-find volumes, value creation and returns in our outlook period are much poorer than in the last decade, due largely to the new PSC terms and the high-cost environment. Our outlook of the full-cycle economics of the Santos basin assumes an IRR of 12% at Base prices.

What's included

This report contains

  • Document

    Brazil Santos.zip

    ZIP 3.25 MB

  • Document

    Brazil Santos exploration basin

    PDF 3.85 MB

  • Document

    Brazil Santos exploration basin

    ZIP 6.91 MB

Table of contents

Tables and charts

This report includes 65 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
  • 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
  • Cumulative discoveries by play
  • Cumulative volumes discovered by play
  • Exploration and appraisal spend
  • Exploration spend per well and average well depth
  • 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
  • Early Cretaceous pre-salt
  • Late Cretaceous - Tertiary oil
  • Early Cretaceous pre-salt
  • Late Cretaceous - Tertiary oil
  • 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

Tables

  • Play level data
  • Assumptions
  • Key facts: Table 3
  • Key licence holders
  • Key well operators (TYP period)
  • Company success rates and discoveries
  • Key companies: Table 4
  • Key play characteristics
  • Recent discovery costs
  • Key basin data
  • Top discoveries (TYP period)
  • Early Cretaceous pre-salt
  • Late Cretaceous - Tertiary oil
  • Costs: Table 2
  • Typical fiscal terms - PSC - Early Cretaceous pre-salt play
  • Typical fiscal terms - concession contract - Late Cretaceous-Tertiary Oil play
  • Early Cretaceous - pre-salt
  • Economic analysis: Table 4
  • Full cycle economic analysis
  • Forecast data by play (outlook)
  • Reserves and resources: Table 4
  • Reserves and resources: Table 5
  • Early Cretaceous pre-salt
  • Late Cretaceous - Tertiary oil
  • Early Cretaceous pre-salt
  • Late Cretaceous - Tertiary oil
  • Economic analysis: Table 6

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