Asset Report
Morpho
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Petrobras has confirmed three hydrocarbon-bearing intervals in the Morpho-1 well in the Foz do Amazonas Basin — the first deepwater drilling in the basin since 2011, following a 13-year regulatory process. Wood Mackenzie has modelled a discovery of 500 mmbbl of liquids, with total recoverable resources of 668 mmboe including associated gas. Under our base-case assumptions, Morpho generates commercially attractive returns as a standalone deepwater greenfield project; however, gas commercialisation remains an open question — our base case assumes full gas reinjection until a viable solution is confirmed. With an appraisal well and two additional prospect wells planned for 2027, a successful result could support a clustered development with Morpho as the anchor field, further strengthening project economics.
Table of contents
- Summary
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Key Issues
- Commerciality has not been established
- Gas monetisation still needs to be addressed
- Strong ocean currents impose an additional structural cost
- Liquids
- Gas
- Capital costs
- Operating costs
Tables and charts
This report includes the following images and tables:
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Table: Capital CostsTable: Operating CostsCash flow (US$ million)
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Chart: Split of RevenuesCumulative Net Cash Flow - Discounted at 10% from 01/01/2027Remaining Revenue Distribution (Discounted at 10% from 01/01/2027)Chart: Remaining PV Price SensitivitiesTable: Indicative Technical ValuationsIndex MapDetail MapParticipationTable: Well Data
- 3 more item(s)...
What's included
This report contains:
