The rise of independent operators in Brazil

We have tracked Petrobras' divestment campaign since its inception which is now winding down. The divestment programme has changed Brazil's corporate dynamic forever. This insight represents the culmination of many deals and our asset-by-asset modelling of the new Brazilian upstream portfolios. We benchmark the Brazilian positions of 3R Petroleum, BW Energy, Enauta, Eneva, Grupo Cobra, Karoon Energy, Origem Energia, Perenco, PetroReconcavo, Prio, Seacrest Capital and Trident Energy. Two reports are provided. We benchmark the Brazilian independents on production, emissions, costs and resource life and discuss the various options and strategies that are evolving as the companies progress on redevelopment plans. In the second report, we provide single company tear sheets built from the Lens Upstream asset-by-asset cash flow details.