Pragmatism in Brazil could reveal pre-salt opportunities

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Report summary

Over 30% of all liquids discovered globally in the past decade has come from the Brazilian pre-salt, providing Petrobras with a world-class portfolio. However, the discoveries, in addition to 2010 legislation further increasing Petrobras' control over the pre-salt, have left the company operationally and financially stretched. With a more realistic 2015 business plan and proposed legislation looking to remove some of the onus from Petrobras, the tune in Brazil could be changing.

What's included

This report contains

  • Document

    Pragmatism in Brazil could reveal pre-salt opportunities

    PDF 379.34 KB

Table of contents

  • Realistic targets and debt reductions at heart of Petrobras business plan
  • Petrobras divestments will unlock opportunities for upstream companies
  • Mandatory pre-salt operatorship
  • Conclusion

Tables and charts

This report includes 4 images and tables including:


  • Evolution of Petrobras forecasts over time vs. actuals and Wood Mackenzie forecast
  • Petrobras historical net debt versus market capitalisation
  • Wood Mackenzie valuations of potential divestment targets (net to Petrobras)
  • Petrobras-operated fields in the Santos Basin pre-salt polygon

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