Oil & Gas Exploration in Brazil: Contracts, Exploratory Activities and Investments
Overview
According to the National Energy Plan 2050 (PNE 2050), in a scenario of expansion in the production and usage of energy from fossil sources, national oil production could reach 5.5 and 6.1 million barrels of oil per day in 2030 and 2050, respectively. The perspective of the Ministry of Mines and Energy (MME) is that Brazil will continue to be a major producer of oil, natural gas and other fluid hydrocarbons (O&G) in the medium and long term. In this sense, Brazil has promoted in recent years a positive agenda to intensify O&G exploration activities. Experts have classified the pre-salt as one of the most promising provinces for oil discoveries in recent years, attracting attention for exploration. This article aimed to analyze the status of the O&G exploration in Brazil, focusing on identifying contracts in offshore and onshore basins, exploratory activities and planned investments. The main motivation for the article was the lack of research on the topic, as well as questions about the possibility of interest in exploration and investments in onshore basins and also maritime basins, in addition to those associated with the pre-salt. Supported by data obtained from official sources, this research aims to present results on O&G exploration in Brazil over the last eight years.
Methodology
Publications of the ANP - National Petroleum Agency, CBPE - National Energy Research Council and the Ministry of Mines and Energy were the main reference for the analysis, focusing in O&G exploration in Brazil on the years 2016 to 2023, as well as projections for the following years.
Results (Preliminary Results)
The first results obtained demonstrated thar most exploratory activities and investments are focused on drilling activities, being about 95% concentrated in marine environment despite a great number of wells planned for onshore exploration. There is a forecast of R$19.25 billion for the drilling of exploratory wells between 2023 and 2027. The Equatorial margin, due to not participate with exploratory wells drilled between 2016 and 2022, corroborates the high percentage of blocks with contracts suspended at the region. Until the end of this study, it is intended to complement, as far as possible, with more up-to-date data/information.
Conclusions (Final Considerations)
Most drilling activities are planned in the short terms for the Foz do Amazonas basin blocks, flagging new investments in areas not covered intensively yet as at the Campos and Santos basins.
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