the petroleum potential of the brazilian sedimentary basins...• 29 sedimentary basins, some very...
TRANSCRIPT
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The Petroleum Potential of the
Brazilian Sedimentary Basins
Décio OddoneDirector General
Rio de Janeiro
July 31th,2017
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Oil and gas in Brazil
Brazil’s Prospectivity / Bid rounds1
Final Remarks3
Outline
2
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Brazil’s Upstream
• 10th largest O&G producer (high potential for growth)
• Production (May, 2017)
₋ Oil – 2.7 million bpd
‐ Gas – 105 million m3/d
• Proved Reserves (Dec, 2016)
₋ Oil – 12.7 billion bbl
₋ Gas – 378 billion m3
• 95 companies
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Proven reserves
13,714,4 15,0 15,2 15,2
17,018,0 18,3 18,5
19,7
15,815,1
0
5
10
15
20
25
Bill
ion
of
bo
e
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Oil production
0,0
0,5
1,0
1,5
2,0
2,5
3,0
Mill
ion
of
Bar
rels
per
Day
Total oil Post salt Pre salt Onshore
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E&P overview
• 29 sedimentary basins, some very
large and barely explored. Two
“virgin” basins, without a single
well
• ~259,000 Km² contracted area
(less than 5%)
• Unconventional plays
• 311 exploratory blocks
• 443 fields
• ~30,000 wells
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Brazil’s Prospectivity
• Wide variety of plays under
exploration and production
• Two Main Plays producing
in Brazil:
• Turbidite Sandstones
• Pre-salt Carbonates
• Potential for much more to
be explored, conventional
and unconventional plays
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Overview - pre-salt
Unparalleled Potential
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Overview - pre-salt
31,631,2
30,530,3
29,629,4 29,3
28,8 28,7 28,6
28
29
30
31
32
Tho
usa
nd
s o
f B
arre
ls p
er d
ay
10 Most Productive Wells - March of 2017
High geological chance of success
46%Large
Structures
27º
0,6
0,95
1,27
1,54
0,4
0,8
1,2
1,6
Mill
ion
s o
f b
arre
ls o
f o
il eq
uiv
alen
t p
er d
ay
Pre-salt Production
High Quality Reservoirs
One of the most relevant exploratory opportunities in the world
API Of Potential Resources (contracted and to be
contracted areas)
DozensBbbl
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Oil and gas in Brazil
Brazil’s Prospectivity / Bid rounds1
Final Remarks3
Outline
2
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Bidding rounds schedule
201727.09.17
14ª Bidding Round
201727.10.17
2ª Production Sharing Bidding Rounds (Unitizable Areas)
3ª Production Sharing Bidding Rounds
2018(May)
15ª Bidding Round
2018(May)
4ª Production Sharing Bidding Rounds
2018(tbd)
5ª Marginal Fields Bidding Rounds
20193º q
16ª Bidding Round
4ª Production Sharing Bidding Rounds
6ª Marginal Fields Bidding Rounds
201727.10.17
20193º q
2019(tbd)
(2020 and 2021 calendar to be announced in December)
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14th Bidding Round
Block on offer R14
287 Blocks
Total Area: 122,616 km2
Offshore Areas
Sergipe-Alagoas
Espirito Santo
Campos
Santos
Pelotas
Onshore New Frontier
BasinsParnaiba
Parana
Onshore Mature Basins
(Potiguar, Sergipe-Alagoas, Espirito Santo and
Reconcavo)
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14th Bidding Round Offshore
Sergipe-Alagoas Basin
Turbidite Sandstones
Santos Basin
Turbidite Sandstones
Campos Basin
Pre-salt Carbonates and Turbidites
Sandstones
Espirito Santo Basin
Paleogene Turbidites
Pelotas Basin
Turbidite Sandstones
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Sergipe-Alagoas Basin
Arbitrary Section – 0264_BM_SEAL_4_10_11 Survey
Courtesy of PGS
Paleocene
Maastrichtian
Turonian
Volcanin Rock
Lead
501
De
pth
(m)
NW SE
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Turbidite Sandstones
Espírito Santo BasinLeads similar to Marlim Sul Field
Flat Spot
+
-
Amplitude
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Pre-salt Carbonates
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Turbidite Sandstones
Santos BasinLeads similar to Baúna Field
Baúna
N
Courtesy of PGS
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Pelotas Basin
6.0
7.0
8.0
time
(s)
NW
0 3 6 9km
LeadTop of Turonian
SE
Top of Economic
Basement
Survey 0257_PEP2_2015 - Seismic Line 0257-7860 – Courtesy SPECTRUM
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R14 Onshore Gas Prone Basins
Paraná Basin
11 Exploration Blocks
Total Area ~31,000 km²
Area per block ~3,000 km²
Parnaiba Basin
12 Exploration Blocks
Total Area ~34,000 km²
Area per block ~3,000 km²
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Source: Cunha et al., 2012
Accumulation Model – Gaviões Cluster
SW NE SW NE SE NW NE SW
GVR GVA GVB
0 5 10 km
Silurian Supersequence
Basement
Itaim Formation
Pimenteiras Formation
Cabecas Formation
Poti Formation
Piaui Formation
Motuca Formation
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Depth (m)
Sill
Sill
Parnaíba Basin
Sill
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Paraná Basin
Length (km)
Tim
e (
ms)
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R14 Onshore Mature Basins
Onshore Potiguar
62 blocks
~1,700 km2
Onshore Sergipe-Alagoas
46 blocks
~1,300 km2
Reconcavo
27 blocks
~640 km2
Onshore Espírito Santo
19 blocks
~460 km2
Block on offer R14
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14th Bidding Round Unrisked In Place
Volumes
Unrisked in place oil
volume > 50 Billion Barrels
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Unitizable AreaContracted Area
Carcará
• Exploration Phase
• Estimated in Place
Volumes:
2.2 Bbbl
Gato do Mato
• Exploration Phase
Sapinhoá
Tartaruga Verde
• In Production:
250.000 bbld
• Under Development
• First oil: 2017
2nd PSC bidding round - offered areas
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3rd PSC bidding round – areas on offer
4 Pre-salt Areas:
• Pau Brasil
• Peroba
• Alto de Cabo Frio Oeste
• Alto de Cabo Frio Central
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3rd PSC bidding round – areas on offer
Peroba
Pau Brasil
Lula
Peroba e Pau Brasil are
prominent four way closure
structures
Peroba is just south of Lula
Field
PerobaEstimated unrisked in place
volume
5.3 billion barrels of oil
Pau BrasilEstimated unrisked in place
volume
4.1 billion barrels of oil
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3nd Production Sharing Bidding Round-2
,000
-4,0
00
-6,0
00
-8,0
00
Depth
(m)
-2,0
00
-4,0
00
-6,0
00
-8,0
00
-10,0
00
Dep
th(m
)
Inline 34550
Arbitrary Line
Sea
Bottom
Top of Salt
Base of Salt
Basement
Faults
Constellation Survey Fast Track – Courtesy of CGG
Survey 0264_CGGV_SANTOS_FASE_I_6B – Courtesy of CGG
Peroba Pau Brasil
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15th Bidding Round 16th Bidding Round
15th and 16th bidding rounds
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4th PSC bidding round
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New Seismic Data – Preliminary Results
Survey 0264_CGGV_SANTOS_FASE_VII Courtesy of CGG
-3,0
00
-5,0
00
-7,0
00
Dep
th (
m)
-9,0
00
Saturno
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5th PSC bidding round
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Oil and gas in Brazil
Brazil’s Prospectivity / Bid rounds1
Final Remarks3
Outline
2
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O&G sector in Brazil since the 50’s
20162010199719751953
Petrobras monopoly
Risk contracts: minimal impact
End of monopoly (Oil Act)ANP bid rounds
(concession contracts)
New pre-salt law
(Petrobras sole operatorship –
PSA)
New E&P policy
Petrobrasrepositioning
(focus in large
offshore fields)
Downstream and natural gas
Upstream
201619971953
Petrobras monopoly
End of monopoly (Oil Act)
Petrobras maintains dominant position
Petrobrasrepositioning
(in favor of a competitive
and open market)
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Brazil’s Upstream
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Upstream Scenario
91 94108
149
186 182
176
238232
163
9485
39
0
50
100
150
200
250
Exploratory wells drilled
7
76 73
92104
132 133146 149
173
130
8173
220
40
80
120
160
200
O&G discoveries
7
The bidding rounds calendar represents the resumption of the exploratory
activities in Brazil, which shows a strong decrease
Policy and regulatory measures were necessary to restore sector’s dynamics
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0
20
40
60
80
100
jun-2
012
dez-
2012
jun-2
013
dez-
2013
jun-2
014
dez-
2014
jun-2
015
dez-
2015
jun-2
016
dez-
2016
Number of driilling rigs in Brazil
1
6
Reduction in the number of drilling rigs working in Brazil
54
53
23
20
9
7
3
3
2
0 20 40 60
Venezuela
Argentina
México
Colômbia
Brasil
Equador
Trinidad e Tobago
Bolivia
Peru
Chile
Drilling rigs in Latin America
(May 2017)
16
575
241
0
100
200
300
400
500
600
700
2015 2016 2017
Number of development wells
36
Upstream Scenario
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• Private companies can now operate blocks in the pre-salt polygon
• New E&P Policies:
Open Acreage
Local Content:
• Ongoing Government Programs:
– REATE (Onshore Revitalization)
– Gás para Crescer (Gas to Grow)
• Production Units25%
• Well Construction25%
• Exploration50%
• Production50%
OnshoreOffshore
• Collection and Disposal System40%
• Exploration Activities18%
Improvements in the energy policy
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Improvements in the regulatory framework
• Short term regulatory measures to unlock investments:₋ Local content waiver regulation
₋ Contracts extension
₋ Incentives for incremental production in mature fields (royalties reduction)
₋ Simpler regulation
₋ Reserve base lending
• Medium/long term regulatory measures to stimulate investments:₋ Bidding rounds calendar
₋ Open acreage offer
₋ Reduced entry costs
₋ Simpler contracts
₋ Incentives for investments funds to participate
₋ Royalties adjustment in mature and frontier basins
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O&G scenario in 2017
• Creation of a competitive, open, diverse
and internationally referred refining and
fuels market
• Unique E&P opportunity:
₋ immediate reserves certification
₋ fast production development
₋ reserves and production growth
• Development of a diverse and competitive supply chain and services market
• First ever effective opening in the natural
gas business
Diverse andCompetitive
Market
Improvements in
the energy
policy
Petrobras divestment plan
Need of
additional service
companies
Bidding round
schedule- open
acreage
The country is going through the greatest transformation in its energy sector since the foundation of
Petrobras in 1953, leading to a more competitive market
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Oil and gas in Brazil
Brazil’s Prospectivity / Bid rounds1
Final Remarks3
Outline
2
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+300New offshore wells
US$ +80 B
New Investments
US$ +100 B
Royalties
+17New Productions
Units
+600 Km
Gas Pipeline
US$ +60 B
Profit Oil
+20 Offshores Rigs
simultaneously
+10 Bbbl
Recoverable
+1.100 Km
Flow Lines
+2 Mbpd
Oil in 2027
US$ +120 B
Income Tax
Thousands of
Jobs
Bidding rounds expected results
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2024 20252023202220212020201920182017
• 11ª - 12ª bid rounds exploratory
period extension
• contracts extension
• regulatory improvements
• transfer of rights
• environmental licensing
• local content
• new exploratory blocks:
• bid rounds
• open acreage
• Projects under development:
• R$ 240 bi investments
• 20 FPSO’s
• 900 wells
• Exploratory wells:
• 150 wells (40 offshore)
• R$ 10 bi investments
Upstream Scenario 2017 - 2027
• R$ 260 bi investments
• 17 FPSO’s
• 300 offshore wells
2026 2027
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Final Remarks
• Brazil is a highly prospective territory with several under explored basins
• Improvements in the energy policy were adopted to attract investments and
incentivize exploration activities in Brazil
• New bidding rounds are planned for 2017-2019 offering acreages containing billions
of barrels of oil in place and creating opportunities for all types of exploration and
production companies
• Some of the blocks in offer are among the most attractive exploration opportunities
available worldwide
• Companies interested in investing in E&P, in the supply chain, in the service industry, in
the natural gas, in downstream and in the biofuels sectors in Brazil have the largest
window of opportunity ever
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National Agency of Petroleum, Natural Gas and Biofuels ANP
Av. Rio Branco, 65, 21st floorRio de Janeiro – Brazil
Phone: +55 (21) 2112-8100
www.anp.gov.br
www.brasil-rounds.gov.br