Brazil upstream summary Report

Country Report 16 January 2025

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Report summary

An above-average number of planned and unplanned production stoppages hold back Brazil production growth in 2024 - down 1.6% year-on-year vs. 2023. The start-up of three FPSOs late in the year haven't been able to offset the 2024 decline but set the scene for 2025 growth - Petrobras-operated Marechal Duque de Caixas (Mero) produced first oil in October, Maria Quitéria (Novo Campo de Jubarte) started earlier than planned also in October and Brava Energia-operated FPSO Atlanta ...

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
  - 4 more item(s)...
- 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
  - Sergipe-Alagoas Basin
  - Espírito Santo Basin
  - 1 more item(s)...
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
  - 6 more item(s)...
- Production sharing contract (PSC)
  - Basis
  - Government equity participation
  - Fiscal terms
  - Indirect taxes
  - Royalty
  - Research and development obligation
  - PSC production sharing
  - PSC cost recovery
  - 6 more item(s)...
- Active legacy terms