Super-giant pre-salt discoveries in Brazil's deepwater Santos Basin since 2006 underpin Petrobras' exploration success and a give it a peer-leading production growth outlook. Petrobras has created more value and discovered more resource than any other company over the last ten years. As a result, international activities have been de-emphasised as resources and investment are focused domestically. 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 26 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 frontier basins in Brazil, including the highly prospective Foz do Amazonas-Marajo and Barreirinhas basins on the Equatorial Margin, and the emerging Sergipe-Alagoas Basin in the Atlantic Margin. No other company has exposure to such potential upside.
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Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.
This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.
Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.
Wood Mackenzie benchmarks exploration results for over 40 companies. Our analysts provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. We are the established global industry standard for oil and gas exploration performance.
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Company report | Oct 2016
Petrobras oil and gas exploration summary
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