Page 42: of Marine Technology Magazine (November 2015)

Oil & Gas

Aldemir

Bendine

President, Petrobras that are applying to join its supplier registry. Besides having equivalent to four times the pre-salt volume already discov- to prove that the information they provide is correct, the com- ered. This estimate by INOG is the only known large scale panies that remain in Petrobras’ supplier database will have to evaluation of the pre-salt polygon ever made and it is 54% give Petrobras authorization to conduct audits of their integ- bigger than INOG’s 2010 estimate which varied between 114 rity systems and mechanisms to combat fraud and corruption. and 288 billion boe. It is signi? cant to note that researchers re- sponsible for the study believe that 176 billion boe is a conser-

Pre-salt Potential vative estimate and there is a strong belief among some Bra-

Between 2000 and 2010, Brazil’s proven oil and natural gas zilian geologists that the interval between the pre-salt polygon reserves increased 68.5%, according to data from the National and the Brazilian Exclusive Economic Zone (EEZ) hold more

Petroleum, Natural Gas and Biofuels Agency (ANP), going promising deepwater pre-salt prospects.

from 9.854 billion boe to 16.609 billion boe. By 2014 proven oil and natural gas reserves in Brazil had reached 31.058 bil- Investment Plan 2015-2019 lion boe, of which 29.889 billion boe are located offshore, Petrobras’ new management has already slashed its invest- according to ANP, roughly a 53.48% increase from 2010. ment plan by 40%, from $221 billion down to $130 billion,

Between 2010 and 2014, 63% of the world’s deepwater oil yet the state of Brazil’s economy, the devaluation of the Real discoveries were made in Brazil. Brazilian pre-salt reservoirs (Brazil’s local currency) and low oil prices may force the na- were ? rst discovered in 2006 and cover an area of 149,000 tional operator to decrease its investment plan even more. Ru- square kilometers, covering three major offshore basins. The mors have it that Petrobras may be forced to seek more funds

Santos Basin, where the largest new discoveries occurred, is through the ? nancial market in the near future. The current mostly located offshore the state of Rio de Janeiro, with a por- investment plan was based on the dollar staying at R$3.10 and tion of the basin offshore the state of São Paulo. that the average price of the Brent would be $60 in 2015. At

The Campos Basin, which is still the largest producer in Bra- this point these numbers are unrealistic, with the dollar hover- zil, is also located offshore the state of Rio de Janeiro, while ing between R$3.80 and R$4.00 and the Brent crude at $46.48 the Espírito Santo Basin is located offshore the state of Es- on September 15. Both variables directly affect Petrobras’ re- pírito Santo. sults because low oil prices reduces revenues, while the high

A recent study by the National Oil and Gas Institute (INOG) dollar increases the debt values, and over 80% of the national of the Federal University of Rio de Janeiro (UERJ), states operator’s debts are in foreign currencies. However, with the that the Brazilian pre-salt polygon contains undiscovered and recent funding it has secured, the national operator does not recoverable reserves to the tune of 176 billion boe. This is need money immediately, but its position is still unsustainable

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