Company Report
Petrobras oil and gas exploration summary
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Report summary
Petrobras is one of the world's top integrated E&Ps and the leading deepwater player by operated production. While some companies are de-emphasising the role of exploration, it remains core to Petrobras' strategy as it targets advantaged resource. Giant pre-salt oil discoveries made in the deep waters of Brazil's Santos Basin underpin its exploration success. A drastic reduction in well count, spend and prospect quality through 2014-2021 led to led to a drop in exploration performance. Following an acreage reload during the 2017-2019 bid rounds, Petrobras has an enviable domestic acreage position and has withdrawn from much of its international acreage. Even with the 2022 discoveries on recent acreage, the pre-salt play beyond the existing core remains under-explored and is subject to a wider range of risks.
Table of contents
- Current portfolio and exploration outlook
-
Production and potential cost of production
- High investment rate led to positive results
- Santos and Campos exploration have been the key driver of Petrobras' out-performance
- Pulling back from its international expansion and the wider Latin America region
Tables and charts
This report includes 17 images and tables including:
- Petrobras' current acreage '000 km2
- Net exploration and appraisal wells by country
- Exploration & appraisal spend and reinvestment
- Exploration success rates
- Largest 10 conventional discoveries (net, 2013 to 2022)
- Volumes discovered by year
- Volumes discovered by water depth
- Volumes discovered by country
- Volumes discovered by basin
- Production from new field discoveries and as a proportion of all future production
- Finding and development costs for added resources
- Full-cycle economics
- Top 10 conventional discoveries by development value (2013-2022)
- Conventional value and spend by country
- Exploration returns by water depth
- Value creation
- Exploration returns by year
What's included
This report contains:
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