The company has a highly experienced E&P team with a strong track record at the most relevant Brazilian onshore and offshore basins as well as ones outside Brazil.
The company is led by executives with substantial M&A expertise, including in the oil and gas industries, such as Farm-ins and Farm-outs, both in Brazil and internationally, as well as in ANP bidding rounds.
The company is currently building a diversified portfolio of onshore and shallow water producing assets where value can be added by improving operations, developing reserves and extending economic life.
One of the largest divestment programs in the world that provides attractive risk / return conditions for investors.
Petrobras, which currently holds more than 70% of Brazil's oil and gas total production, is focusing on deepwater pre-salt fields and divesting from its other E&P assets:
Onshore and Shallow Water fields that could be divested by Petrobras total more than 250 assets, produce over 300,000 boe/d and hold more than 1 billion BBLs of reserves.
Changes to industry fundamentals, including reduction of Petrobras’ dominant position in Brazil’s oil & gas upstream, midstream and downstream, favoring private players and reducing systemic risks.
As ANP stimulates new areas to be explored and Petrobras’ dominance of the O&G market is reduced, exploration activity and discoveries should pick-up.
Brazil is still underexplored and offers vast E&P opportunities. Only about 6% of the country’s sedimentary basins have been granted for E&P concessions.
The country has 38 sedimentary basins of which 29 are considered to have potential for oil and gas reservoirs (15 Offshore basins and 14 Onshore basins):
More than 60% of Brazil’s sedimentary basins are located onshore, mostly unexplored, meaning more than 4 million km² of area.
ANP's estimates of 16.2 billion barrels of proved oil reserves at the end of 2014 amount to the second-largest level in South America after Venezuela.
Brazil’s current onshore production is equivalent to approximately 6% of that of neighboring countries despite Brazil's vast land area.