GlobalData’s report “Brazil's Subsalt Discoveries - Offshore Brazil Emerges as a Leading Investment Destination for Global Oil and Gas Companies” analyzes subsalt discoveries in Brazil, which have transformed Brazil’s offshore region into one of the most attractive upstream investment destinations globally.

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GlobalData’s report “Brazil's Subsalt Discoveries - Offshore Brazil Emerges as a Leading Investment Destination for Global Oil and Gas Companies” analyzes subsalt discoveries in Brazil, which have transformed Brazil’s offshore region into one of the most attractive upstream investment destinations globally. Brazil has quickly emerged as the one of the important regions for offshore crude oil production in the world. With new fields, mostly offshore, and huge reserves being discovered in recent years, Brazil is fast emerging as the top crude oil producer. Subsalt reserves which are typically petroleum reserves thousands of meters below layers of sand and rocks and salt contain huge reserves of oil. Recent sub-salt discoveries have transformed Brazil into a country with one of the highest potential investment acreages globally. Tupi Field, which was discovered in November 2007, is the largest discovery in North and South & Central Americas since 1970. It has estimated recoverable reserves of 5-8 billion barrels. This discovery in the pre-salt layer, which extends from the State of Espírito Santo to the State of Santa, is considered as one of the most attractive exploration acreages worldwide. It will increase Brazil’s recoverable reserves of crude oil by 50%, which will significantly increase the revenues of the country’s oil and gas industry.

Scope

• The report provides a detailed analysis of Brazil’s subsalt discoveries. Its scope include;

• Analysis of Brazil’s upstream sector, detailing the country’s subsalt basins and major activities in these basins during 2000-2009, also providing forecast for the upstream industry to 2020

• The report details the major discoveries announced in the subsalt basins during 2006-2009

• The report discusses the historical licensing rounds, key fiscal terms in offshore Brazil and the proposed new legislation for the subsalt areas

• It also discusses the major companies operating in the subsalt basins namely Petrobras, BG Group, Petrogal, Repsol and others, detailing their assets and major activities

• The report details the major challenges, capital requirement and investments in the development of Brazil’s subsalt reserves

• The report also discusses the growing role of Brazil in global oil and gas market as a result of increasing production from subsalt basins during 2009-2020.]

Reasons to buy

• Develop business strategies with the help of specific insights into the Brazilian E&P market.

• Identify opportunities and challenges in the Brazilian E&P industry, especially the subsalt sources.

• Understand the policy landscape and the proposed changes in the Brazilian government’s policies on subsalt resources.

• Increase future revenue and profitability with the help of insights into future opportunities and critical success factors in the nascent subsalt resource industry.

• Identify the opportunities to partner with the major players and enter this prolific upstream investment destination.

1 Table of contents 3
1.1 List of Tables 4
1.2 List of Figures 5

2 Introduction 6
2.1 Overview 6
2.2 GlobalData Report Guidance 6

3 Brazilian E&P Sector – Subsalt Discoveries Driving Growth in Deep Offshore Areas 8
3.1 Brazilian Exploration and Production (E&P) Sector Overview, 2000-2010 8
3.1.1 Brazil, Increasing Exploration Activities in Offshore Region, 2000-2009 8
3.1.2 Brazil, Increasing Number of Discoveries 10
3.2 Brazil, Increasing Focus on the Subsalt Areas 12
3.2.1 Brazil, Snapshot of Subsalt Areas 12
3.3 Brazil, Detailed Information on Subsalt Areas 13
3.3.1 Brazil, Santos Basin Subsalt 13
3.3.2 Brazil, Campos Basin Subsalt 15
3.3.3 Brazil, Espirito Santo Basin Subsalt 15
3.4 Brazil, Major Discovery Details in Subsalt Areas, 2007-2009 16
3.4.1 Brazil, Details of Discoveries in Santos Basin, 2007-2009 16
3.4.2 Brazil, Details of Discoveries in Campos and Espirito Santo Basin, 2007-2009 20

4 Brazil’s Fiscal Regime – Huge Subsalt Finds Have Prompted New Legislation 23
4.1 Existing Offshore Regime in Brazil, Key Fiscal Terms 23
4.1.1 Brazil Petroleum Fiscal Environment 23
4.1.2 License Terms 23
4.1.3 Key Fiscal Terms 24
4.2 Proposed Legislation in View of Major Oil and Gas Finds in Subsalt Areas 28
4.2.1 Brazil Proposed Legislation: Key Details 28
4.2.2 Brazil Proposed Legislation: Current Status 29
4.3 Subsalt Discoveries Affect Brazil’s Hydrocarbon Licensing Round 30
4.3.1 Brazil Historical Hydrocarbon Licensing Rounds, 2000-2009 30

5 Brazil’s Subsalt Reserves - Prospects, Activities and Competitive Scenario for Oil & Gas Companies 33
5.1 Petrobras Leading the Subsalt Development in Brazil 33
5.2 BG Group Plc: Interest in Huge Discoveries Promises Rapid Growth 35
5.3 Repsol: Relying On Brazilian Subsalt Finds for Growth 37
5.4 Galp Energia: Subsalt Finds May Help the Company to Achieve Portugal's Self-Sufficiency 37
5.5 Anadarko: Discoveries in Campos Basin Turns Area into Potential 'Mega Project' 38
5.6 BP Plc: Strategic Entry into Brazil Subsalt Play 39

6 Exploiting Brazil’s Subsalt Basins - Capital Requirement, Foreign Investments and Collaborations, Developmental Challenges 40
6.1 Huge Investments are Required to Develop Subsalt Reserves in Brazil 40
6.1.1 Petrobras Looking for Sourcing Capital for Developing the Subsalt reserves 40
6.1.2 Investments by foreign oil companies 42
6.1.3 China Loan for Oil Agreement 42
6.2 Major Challenges in Developing Brazil’s Subsalt Reserves 42
6.2.1 Technological Challenges 42
6.2.2 Logistic Issues 43
6.2.3 Higher Drilling Cost 44
6.2.4 Crude Oil Price Volatility 44
6.2.5 Local Content Requirement May Hinder Development 45
6.3 Brazil, Subsalt Reserves Development Strategy 45
6.4 Opportunities for the Offshore Oilfield Services Industry 46

7 Subsalt Areas Have the Potential to Transform Brazil into a Leading Oil & Gas Producer Globally 48
7.1 The Increasing Domestic Production Leads Brazil Towards Self-Sufficiency 48
7.1.1 Increasing Natural Gas Production Reduces Reliance on Imports 49
7.2 Brazil Poised To Became a Major Oil and Gas Exporter By 2020 50
7.3 New Discoveries in the Subsalt Further Fortify Brazil’s Potential 51
7.4 Brazil Set To Emerge As a New Oil and Gas Major in South America 52

8 Appendix 53
8.1 Abbreviations 53
8.2 Methodology 54
8.2.1 Coverage 54
8.2.2 Secondary Research 55
8.2.3 Primary Research 55
8.2.4 Expert Panel Validation 55
8.3 Contact Us 55
8.4 Disclaimer 56

1.1 List of Tables
Table 1: Brazil, Offshore-Onshore Exploration Blocks, 2000-2009 9
Table 2: Brazil, Growth in Oil And Gas Reserves (Million Boe), 2000-2009 10
Table 3: Global, Top 10 Countries By Number of Oil And Gas Discoveries, 2009 11
Table 4: Brazil, Number of Discoveries, 2004-2009 11
Table 5: Brazil. Estimated Recoverable Reserves Post Subsalt Discoveries, 2009 13
Table 6: Brazil. Santos Basin, Pre-Salt Cluster 14
Table 7: Brazil, Santos Basin, Details Of Subsalt Discoveries, 2009 17
Table 8: Brazil, Santos Basin, Tupi Discovery Details, 2010 18
Table 9: Brazil, Campos and Espirito Santo Basins, Major Discoveries, 2007-2009 20
Table 10: Brazil - Offshore, License Rental Rates, 2009 24
Table 11: Brazil – Offshore (More than 400 meters), Special Participation (In Reais) in First Year, 2009 25
Table 12: Brazil – Offshore (More than 400 meters), Special Participation (In Reais) in Second Year, 2009 25
Table 13: Brazil – Offshore (More than 400 meters), Special Participation (In Reais) in Third Year, 2009 26
Table 14: Brazil – Offshore (More than 400 meters), Special Participation (In Reais) After Third Year, 2009 26
Table 15: Brazil – Offshore (Less than or equal to 400 meters), Special Participation (In Reais) in First Year, 2009 26
Table 16: Brazil - Offshore (Less than or equal to 400 meters), Special Participation (In Reais) in Second Year, 2009 27
Table 17: Brazil - Offshore (Less than or equal to 400 meters), Special Participation (In Reais) in Third Year, 2009 27
Table 18: Brazil - Offshore (Less than or equal to 400 metres), Special Participation (In Reais) After Third Year, 2009 27
Table 19: Brazil - Offshore, Depreciation Rate in the Oil And Gas Industry (%), 2009 28
Table 20: Petrobras, Oil Production In Brazil (Thousand Barrels Per Day), 2009-2020 34
Table 21: BG Group, Brazil Subsalt Licenses, 2009 35
Table 22: BG Group, Net Oil Production From Brazil (Thousand Barrels Per Day), 2010-2020 36
Table 23: Petrogal, Subsalt Exploration Blocks In Brazil, 2009 38
Table 24: Anadarko, Exploration Blocks In Brazil, 2009 38
Table 25: BP Plc, Acquired Exploration Blocks In Brazil, 2010 39
Table 26: Petrobras, Subsalt Capital Expenditure Through to 2020 ($ bn) 41
Table 27: Brazil, Drilling Rigs Requirement In Brazil Offshore, 2008-2018 46
Table 28: Petrobras, New Equipment To Be Contracted, 2010 47
Table 29: Brazil, Crude Oil Production and Consumption (Thousand Barrels Per Day), 2000-2020 48
Table 30: Brazil, Growth In Subsalt Production (Thousand Barrels Per Day), 2013-2020 50

1.2 List of Figures
Figure 1: Brazil, Offshore-Onshore Exploration Blocks, 2000-2009 8
Figure 2: Brazil, Growth in Oil And Gas Reserves (Million Boe), 2000-2009 9
Figure 3: Global, Top 10 Countries By Number of Oil And Gas Discoveries, 2009 10
Figure 4: Brazil, Number of oil and Gas Discoveries, 2004-2009 11
Figure 5: Brazil. Subsalt (Pre-Salt) Province, 2009 12
Figure 6: Brazil. Estimated Recoverable Reserves Post Subsalt Discoveries, 2009 13
Figure 7: Brazil. Santos Basin, Pre-Salt Cluster, 2009 14
Figure 8: Brazil. Santos Basin, Seismic Line / Geological Section, 2009 15
Figure 9: Brazil. Santos Basin, Major Subsalt Discoveries, 2009 17
Figure 10: Brazil, Campos Basin, Major Discoveries, 2007-2009 21
Figure 11: Petrobras, Oil Production In Brazil, Thousand Barrels Per Day, 2009-2020 34
Figure 12: BG Group, Brazil Subsalt Licenses, 2009 35
Figure 13: BG Group, Net Oil Production From Brazil (Thousand Barrels Per Day), 2010-2020 36
Figure 14: Repsol, Location of Assets in Brazil, 2009 37
Figure 15: Petrobras, Subsalt Capital Expenditure Through to 2020 ($ bn) 40
Figure 16: Petrobras, Investment Program Split For Santos Subsalt (%), 2009-2013 41
Figure 17: Global Crude Oil Futures Contract Prices ($ Per Barrel), January 2007- March 2010 44
Figure 18: Brazil, Subsalt Development Timelines, 2008-2020 45
Figure 19: Brazil, Subsalt Development, Major Technological Developments Under Evaluation 46
Figure 20: Brazil, Crude Oil Production and Consumption (Thousand Barrels Per Day), 2000-2020 48
Figure 21: Brazil, Growth In Subsalt Production (Thousand Barrels Per Day), 2013-2020 50
Figure 22: Brazil, Increasing Oil Exports (Thousand Barrels Per Day), 2000-2020 51
Figure 23: GlobalData Methodology, 2010 54

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