James Regan + 1,776 August 25, 2019 (edited) After years of corruption from the left wing PT Workers Party and the Illustrious work carried out in operation Lava Jato by the honourable Sergio Moro, we are maybe entering into a new chapter for Brasil. No longer will Petrobras be require to be 51% stake holders in offshore and onshore blocks, they have finally opened up the market to 100% foreign ownership of blocks. The latest rounds in auctions were carried out with massive royalty payments (signing bonuses) being made upfront by the IOCs, this in itself shows the confidence the oil majors have in the Brazilian Pre salt basins and other traditional formations including new exploration in the Amazon delta. https://www.worldoil.com/news/2019/8/1/upcoming-license-rounds-show-great-promise-for-brazil-says-anp-s-kury Brasil is expected to become a powerhouse in the next 5 years. https://oilprice.com/Energy/Crude-Oil/Could-Brazils-Oil-Sector-Trigger-An-Economic-Miracle.html “Apart from U.S. shale, there is nothing around the world like Brazil in terms of supply” of crude oil, former Petrobras geologist and oil consultant Pedro Zalan said from Rio de Janeiro. “Reserves are huge and pre-salt productivity is enormous.” Should get interesting as we move ahead with a $20/Bbl break even drilling/production cost, pre salt formations are notorious as being difficult to drill out due to formation collapse coupled with deepwater subsea equipment and very stringent ecological laws in place (IBAMA), however over the past 4 years they have figured out how to complete these wells. For all the bad rep Petrobras got, one thing they did do well was lead the world in deepwater exploration. https://www.offshore-mag.com/field-development/article/14034765/libra-consortium-greenlights-mero-phase-2 If Castelo Branco realises his mission, Brasil may have a chance of rising from the ashes of billions of dollars burnt by the previous communist government. Edited August 25, 2019 by James Regan Quote Share this post Link to post Share on other sites
Douglas Buckland + 6,308 August 25, 2019 5 hours ago, James Regan said: 5 hours ago, James Regan said: After years of corruption from the left wing PT Workers Party and the Illustrious work carried out in operation Lava Jato by the honourable Sergio Moro, we are maybe entering into a new chapter for Brasil. No longer will Petrobras be require to be 51% stake holders in offshore and onshore blocks, they have finally opened up the market to 100% foreign ownership of blocks. The latest rounds in auctions were carried out with massive royalty payments (signing bonuses) being made upfront by the IOCs, this in itself shows the confidence the oil majors have in the Brazilian Pre salt basins and other traditional formations including new exploration in the Amazon delta. https://www.worldoil.com/news/2019/8/1/upcoming-license-rounds-show-great-promise-for-brazil-says-anp-s-kury Brasil is expected to become a powerhouse in the next 5 years. https://oilprice.com/Energy/Crude-Oil/Could-Brazils-Oil-Sector-Trigger-An-Economic-Miracle.html “Apart from U.S. shale, there is nothing around the world like Brazil in terms of supply” of crude oil, former Petrobras geologist and oil consultant Pedro Zalan said from Rio de Janeiro. “Reserves are huge and pre-salt productivity is enormous.” Should get interesting as we move ahead with a $20/Bbl break even drilling/production cost, pre salt formations are notorious as being difficult to drill out due to formation collapse coupled with deepwater subsea equipment and very stringent ecological laws in place (IBAMA), however over the past 4 years they have figured out how to complete these wells. For all the bad rep Petrobras got, one thing they did do well was lead the world in deepwater exploration. https://www.offshore-mag.com/field-development/article/14034765/libra-consortium-greenlights-mero-phase-2 If Castelo Branco realises his mission, Brasil may have a chance of rising from the ashes of billions of dollars burnt by the previous communist government. Pedro Zalan has alot more faith in US shale supply than I do. I am guessing that history will show that the Brazilian pre-salt play will far exceed the production of the US shale oil play. 1 Quote Share this post Link to post Share on other sites