Insight

Mexico and Brazil deep water licensing rounds: value versus volume

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22 September 2017

Mexico and Brazil deep water licensing rounds: value versus volume

Report summary

Four major Latin America deepwater exploration rounds are expected in the last quarter of 2017: Mexico's Round 2.4, Brazil's PSC Rounds 2 and 3, and Brazil's Concession Round 14.  Opportunities are being strictly high graded as companies focus on reducing break-evens and both governments are keenly aware that terms need to be competitive in this environment of scarce exploration capital.  Poised to be two of the biggest rounds this year, Mexico's Round 2.4 and Brazil's PSC Round 3 offer some of the most attractive acreage available.  In this Insight we consider how these offerings stack up in terms of prospectivity, fiscal regime, and above-ground risk.

Table of contents

  • Prospectivity: Brazil's proven materiality and strong well rates outplay Mexico's under-explored deepwater
    • Summary of Mexico Round 2.4 Terms
    • Brazil's regulatory environment has undergone a significant overhaul in the past 12 months
    • Summary of Brazil PSC Round 3 Terms
  • Political risk: positive trends in both countries vulnerable in 2018 elections
  • Expected company participation led by incumbents and the Majors
  • More volume-driven companies and NOCs may focus on Brazil, while the more IRR-conscious opt for Mexican acreage

Tables and charts

This report includes 16 images and tables including:

  • Creaming curves for selected basins: cumulative volumes discovered versus time
  • Creaming curves for selected basins (capped at 3 billion boe cumulative discovered reserves)
  • Mexico and Brazil deep water licensing rounds: value versus volume: Image 13
  • Mexico and Brazil deep water licensing rounds: value versus volume: Image 14
  • Mexico and Brazil deep water licensing rounds: value versus volume: Image 15
  • Mexico and Brazil deep water licensing rounds: value versus volume: Image 16
  • Mexico and Brazil deep water licensing rounds: value versus volume: Image 4
  • Mexico and Brazil deep water licensing rounds: value versus volume: Image 5
  • Mexico and Brazil deep water licensing rounds: value versus volume: Image 6
  • Mexico and Brazil deep water licensing rounds: value versus volume: Table 1
  • Mexico and Brazil deep water licensing rounds: value versus volume: Image 7
  • Mexico and Brazil deep water licensing rounds: value versus volume: Image 8
  • Mexico and Brazil deep water licensing rounds: value versus volume: Image 9
  • Mexico and Brazil deep water licensing rounds: value versus volume: Image 10
  • Mexico and Brazil deep water licensing rounds: value versus volume: Image 11
  • Mexico and Brazil deep water licensing rounds: value versus volume: Image 12

What's included

This report contains:

  • Document

    Mexico and Brazil deep water licensing rounds: value versus volume

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