Country Report

Brazil upstream summary

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10 June 2022

Brazil upstream summary

Report summary

Brazil had nine FIDs taken during 2021-22, with Petrobras accelerating the pace of contracting. Equinor's Bacalhau slipped from 2020 plans and the FPSO contract was signed mid-2021. Búzios is the priority project for Petrobras, and the NOC took FID on the sixth, seventh and eight FPSOs in 2021. After several delays, Petrobras moved forward with the Mero FPSO 4 removing uncertainties around the size of the project's reserves. Petrobras also took FID for the Novo campo de ...

Table of contents

  • Executive summary
  • Key facts
  • Location maps
    • Petrobras
    • Majors
    • Local players
    • Other international operators
    • 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
    • Inland basins
      • Amazonas basin
      • Solimões basin
      • São Francisco basin
      • Parnaíba basin
    • 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
    • Oil and condensate
    • Gas
    • Oil and other liquids
      • Future production
      • Historical production
    • Gas
      • Future production
      • Historical production
    • Oil infrastructure
      • Pipelines
      • Refineries
    • Gas infrastructure
      • Domestic pipelines
      • International pipelines and terminals
    • Capital costs
      • Capital expenditure by location
    • 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)
    • 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 50 images and tables including:

  • Key facts: Table 1
  • Country Map
  • Reserves and contingent resources at 01/01/2022
  • Liquids and Gas Production 2021
  • Net Acreage 2022
  • The sedimentary basins of Brazil
  • Reserves and resources: Table 1
  • Liquid Reserves by Basin
  • 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
  • Geological 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
  • 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:

  • Document

    Country Overview

    PDF 16.87 MB

  • Document

    Country Overview

    XLS 921.00 KB