Country Report
Brazil upstream summary
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Report summary
The state of play after Brazil's second opening to investment - Since 2016, long-standing regulatory issues that kept large discoveries undeveloped and diminished the attractiveness of exploration acreage have been addressed. The local content reform, allowing non-Petrobras operators within the pre-salt polygon, the reduction of royalties for mature fields, and the extensive Petrobras`s divestment plan have seen industry interest in Brazil increase exponentially. ExxonMobil, Shell, ...
Table of contents
- Executive summary
- Key facts
- Location maps
-
Key companies
- Petrobras
- Majors
- Local players
- Other international operators
-
Geology
- Introduction
-
Coastal basins
- Foz do Amazonas-Marajó basin
- Pará-Maranhão basin
- Barreirinhas basin
- Piaui-Ceará and Potiguar basins
- Pernambuco-Parnaiba basin
- Sergipe-Alagoas basin
- Recôncavo and Tucano basins
- Bahia Norte and Bahia Sul basins
- Espírito Santo basin
- Campos basin
- Santos basin
- Pelotas basin
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Inland basins
- Amazonas basin
- Solimões basin
- São Francisco basin
- Parnaíba basin
-
Exploration
-
Licensing
- Future offshore and onshore activities
-
Access opportunities
- ANP licensing rounds
- Petrobras divestment plan
-
Drilling
- Drilling activity
- The onshore years
- The emergence of the Campos basin
- Pre-salt discoveries
- Equatorial margin potential
- Atlantic margin discoveries
- Espírito Santo basin
- Success rates
-
Licensing
-
Reserves and resources
- Oil and condensate
- Gas
-
Production
-
Oil and other liquids
- Future production
- Historical production
-
Gas
- Future production
- Historical production
-
Oil and other liquids
-
Infrastructure
-
Oil infrastructure
- Pipelines
- Refineries
-
Gas infrastructure
- Domestic pipelines
- International pipelines and terminals
-
Oil infrastructure
-
Costs
-
Capital costs
- Capital expenditure by location
-
Capital costs
-
Policy and regulation
-
Key legislation
- Current system
- Pre-salt legislation
-
Regulatory body
- The ANP
- Pré-Sal Petróleo S.A. (PPSA)
- State oil company
- State participation
-
Licensing
- Historical perspective
- Current concession regime
- Transfer of Rights (TOR) agreement
- Production sharing contract (PSC) regime
-
Gas Prices
- Historic pricing (pre-2002)
- Price deregulation (post-2002)
- Reference gas prices
- Transportation tariffs
-
Liquids prices
- Pricing
- Domestic Market Obligation (DMO)
-
Key legislation
-
Fiscal terms
- Overview
- Current fiscal terms
-
Concession
- Basis
- Government equity participation
- Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Landowner override
- Research and development obligation
- Special participation tax (Participação especial)
- Corporate income tax
- Fiscal treatment of decommissioning costs
- Product pricing
- Summary of modelled terms
- Sample cash flow
-
Production sharing contract (PSC)
- Basis
- Government equity participation
- Fiscal terms
- Indirect taxes
- Royalty
- Research and development obligation
- PSC production sharing
- PSC cost recovery
- PSC profit sharing
- Corporate income tax
- Fiscal treatment of decommissioning costs
- Product pricing
- Summary of modelled terms
- Sample cash flow
- Active legacy terms
Tables and charts
This report includes 51 images and tables including:
- Key facts: Table 1
- Country Map
- Remaining Commercial and Technical Reserves at 01/01/2019
- Liquids and Gas Production 2018
- Net Acreage 2019
- The sedimentary basins of Brazil
- Reserves and resources: Table 1
- Commercial liquid reserves by basin
- Commercial gas reserves by basin
- Production sharing contract (PSC)
- Fiscal terms: Table 16
- Fiscal terms: Table 17
- Fiscal terms: Table 18
- Fiscal terms: Table 19
- Fiscal terms: Table 20
- Geology: Image 2
- Geology: Image 3
- Geology: Image 4
- Geology: Image 5
- Exploration: Table 1
- Exploration: Table 2
- Drilling activity by well type
- Drilling activity and commercial success rates
- Technical and commercial success rates
- Production: Table 1
- Production: Table 2
- Liquids production by basin
- Production: Table 3
- Production: Table 4
- Gas sales by basin
- Oil infrastructure
- Infrastructure: Table 1
- Gas infrastructure
- Costs: Table 1
- Costs: Table 2
- Policy and regulation: Table 1
- Policy and regulation: Table 2
- Fiscal terms: Table 1
- Fiscal terms: Table 2
- Fiscal terms: Table 3
- Fiscal terms: Table 4
- Fiscal terms: Table 5
- Fiscal terms: Table 6
- Fiscal terms: Table 7
- Fiscal terms: Table 8
- Fiscal terms: Table 9
- Fiscal terms: Table 10
- Fiscal terms: Table 11
- Fiscal terms: Table 12
- Fiscal terms: Table 13
- Fiscal terms: Table 14
What's included
This report contains:
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