Petrobras oil and gas exploration 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an acreage reload during the 2017-2019 bid rounds, Petrobras has an enviable domestic acreage position and has withdrawn from much of its international acreage.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.