Petrobras oil and gas exploration summary
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Report summary
Super-giant pre-salt discoveries in Brazil's deepwater Santos Basin since 2006 underpin Petrobras' exploration success and a give it a peer-leading growth outlook. As a result, international activities have been de-emphasised as resources are focused domestically. The development of the pre-salt resource to date has been impressive, but the company's deepwater ambitions are unprecedented in scale, and project delay and cost overruns are key downside risks. However, Petrobras has an enviable acreage position, which should ensure continuation of success. We estimate the Santos, Campos and Espírito Santo basins have potential to deliver 27 billion boe of resource out to 2035. Through its high average working interest, Petrobras has major exposure to this upside. The company is also exposed to other frontier basins in Brazil. No other company has exposure to such potential upside. Full details are provided in our report, and all data and analysis can be downloaded in excel and pdf format.
What's included
This report contains
Table of contents
- Executive summary
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Strategy
- Upstream strategy
- Exploration outlook
- Evolution of exploration strategy
- Investment and costs
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Exploration
- Well data
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Reserves and resources
- Scope of this report
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Production
- Production from new field discoveries and organic unconventionals, and as a proportion of all future production
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Valuation
- High investment rate led to spectacular results, but has now dropped dramatically
- Domestic exploration has been the key driver of Petrobras' out-performance
- Limited success leveraging deepwater expertise internationally
- Pulling back from the wider Latin America region
Tables and charts
This report includes 23 images and tables including:
Tables
- Executive summary: Table 1
- Full-cycle economics
- SWOT grid
- Exploration: Table 1
- Top 40 discoveries (2007 to 2016)
Images
- Basins drilled and all conventional & organic unconventional discoveries 2007-2016
- Exploration & appraisal spend and reinvestment
- Exploration & appraisal spend by water depth
- Exploration & appraisal spend by basin maturity
- Discovery costs by water depth
- Net active exploration acreage by water depth
- Net active conventional acreage by country
- Exploration wells drilled and spend per well
- Exploration success rates
- Volumes discovered by year
- Volumes discovered by water depth
- Volumes discovered by country
- Volumes discovered by basin
- Production: Image 1
- Full cycle value creation by year, with uncons
- Exploration returns by year, with uncons
- Costs and development value by reserve category
- Exploration returns by water depth
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