Subsalt Development Catapults Brazil Among The Top Oil Exporters Globally
Brazils Subsalt Discoveries - Offshore Brazil Emerges as a Leading Investment Destination for Global Oil and Gas Companies
The report analyzes Brazils subsalt discoveries, which have transformed Brazils offshore region into one of the most attractive upstream investment destinations globally. The report details the different subsalt basins in Brazil and analyzes the major discoveries in the different subsalt basins of the country. The report also details the present fiscal laws in the country and the proposed new legislation in light of the recent subsalt discoveries. It also details the competitive landscape in the subsalt region analyzing the major companies operating in the region. The report provides details of the major challenges in developing the subsalt basins, capital requirements and investments in the basins during 2010-2020. Finally, the report analyzes the effect of increasing oil and gas production from the subsalt basins on the future of Brazils oil and gas industry. ( http://www.bharatbook.com/detail.asp?id=134325&rt=Brazils-Subsalt-Discoveries-Offshore-Brazil-Emerges-as-a-Leading-Investment-Destination-for-Global-Oil-and-Gas-Companies.html )
Subsalt Development Catapults Brazil among the Top Oil Exporters Globally
Rapid increase in subsalt production in Brazil will allow the country to emerge as a major oil exporter by 2020. Brazils oil production is expected to reach approximately 5.2 million barrels per day (bpd) by 2020, making the country one of the top five oil exporters globally. A large part of this production increase is expected to come from the subsalt basins. The total subsalt oil production in Brazil is expected to reach 1.8 million bpd in 2020.
The Subsalt Reserves Transform the Future of Oil and Gas Majors
Huge discoveries made in Brazils subsalt basins have attracted the interest of oil and gas players globally. The subsalt basins are expected to change the future of major oil companies having interest in the basins. The assets are expected to emerge as core assets for the companies in the future. Petrobras is expected to emerge as one of the largest oil producing companies globally with total oil production reaching 4.3 million bpd by 2020. The total oil production from Brazil is expected to reach 3.9 million bpd by 2020 with approximately 1.2 million bpd coming from subsalt basins. The company expects to become one of the worlds five largest publicly traded oil companies.
International majors with interest in these subsalt finds will also witness rapid growth. BG Groups net production from the interest in recent subsalt discoveries in Brazil is expected to reach approximately 445 thousand boepd by 2020. Repsol and Petrogal also believe that the subsalt assets will prove to be transformational in terms of the future growth of the companies. Anadarko also expects the recent Campos basin discoveries to turn into a mega-project for the company.
The technological challenges in the development of subsalt reserves, the impediments in getting the produced oil and gas from deep offshore to onshore areas have made the development of these reserves capital intensive. It is estimated that the development of oil from these fields could entail investment of up to $400 billion.
With Petrobras being the fore-runner in the subsalt area development in Brazil, a major part of this investment is expected to come from the company. Petrobras intends to spend approximately $111.4 billion in the development subsalt basins in the country. The estimated investments on subsalt region are expected further increase in the 2010-2014 capital program.
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