Brazil Exploration Review 2013
The auction of Libra pre-salt field, forecast to contain between 8 and 12 billion barrels boe in recoverable reserves, was Brazil's first bidding round in the pre-salt area, and failed to meet the high expectations placed on it by the Brazilian government, yet the government, the ANP (National Oil Regulator) and Petrobras are highly satisfied with the results because they managed to attract important and experienced partners in Shell and Total, along with the high rolling Chinese companies. Despite a nine-month global publicity campaign and predictions of fervent bidding by as many as 40 firms, the license was awarded to the only consortium to register a bid. Another controversial state controlled company PPSA will oversee the contract’s implementation, having both voting and veto rights.
The Pelotas Basin Oil Province Revelation
Pre-salt and post-salt exploration in the Campos, Santos and Espirito Santo basins along Brazil’s southeast margin has yielded extraordinary success, while their southern sister, the relatively unknown Pelotas basin, has seen little attention for over the last ten years, despite displaying clear direct hydrocarbon indicators in previous seismic surveys. However, a new 2D seismic program acquired in 2013 by Spectrum Geo Multi-Client is revealing new evidence for sand-rich systems and oil plays, making the deepwater Pelotas basin an excellent choice for blocks to be nominated in Brazil’s upcoming 13th bidding round, which may take place sometime in 2014.