Country Report

Brazil upstream summary

10 June 2022

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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 ...

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
- 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
Reserves and resources
- Oil and condensate
- Gas
Production
- Oil and other liquids
  - Future production
  - Historical production
- Gas
  - Future production
  - Historical production
Infrastructure
- Oil infrastructure
  - Pipelines
  - Refineries
- Gas infrastructure
  - Domestic pipelines
  - International pipelines and terminals
Costs
- Capital costs
  - Capital expenditure by location
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)
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