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Most Investments Are Destined for Well Drilling and the Maritime Sector
According to the National Agency of Petroleum, Natural Gas and Biofuels (ANP), a significant flow of investments in the oil and natural gas exploration industry is expected to reach R$ 20.5 billion by 2027. Of the projected amount, R$ 19.25 billion, or 94% of the total, will be allocated for well drilling. In addition, R$ 19.5 billion, corresponding to 95% of the total, is expected to be invested in the maritime sector.
The information was revealed on Wednesday (19) during the release of the 2022 Annual Exploration Report, a comprehensive study on the scenario and future prospects of oil and natural gas exploration in Brazil.
Brazilian Oil Production Sees 4% Increase in 2022, Says ANP
In other related news, Brazilian oil production grew by 4% in 2022, as indicated by the ANP. Additionally, the share of oil belonging to the Union under the production sharing regime reached a new record.
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Petrobras Approves $1.2 Billion Refinery in Brazil to Produce Aviation Fuel and Diesel from Plants
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Petrobras Secures $2.2 Billion Contract to Build and Operate Four Support Vessels for Brazil’s Offshore Oil Fields
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Oil production grows in Rio, but reserve replacement raises a warning sign
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Petrobras is expected to complete the drilling of the Morpho well in the Foz do Amazonas in August 2026, the first well in the Equatorial Margin, an oil frontier that the ANP estimates at more than 30 billion barrels and could redraw the map of Brazil.
The ANP report also forecasts R$ 11 billion in investments for the equatorial margin’s maritime basins and R$ 8.5 billion for the eastern margin. The Amazon River Mouth Basin is expected to attract the highest volume of investments, followed by the Campos and Santos Basins.
Market Expectations Point to Expansion in Exploration
The market is clearly showing its interest in advancing exploration and improving performance, considering that we had 23 wells drilled in 2022, with a forecast of 32 exploratory wells in 2023 and 36 wells in 2024. Most of these wells are located in “new frontier” basins,” said Edson Montez, general coordinator of Regulation and Information Management at the ANP Exploration Superintendence.
By the end of 2022, there were 295 blocks under contract in the exploration phase, a 24% increase compared to 2021, when 238 blocks were registered. These included 157 blocks in onshore basins and 138 in offshore basins. One reason for this increase, according to Montez, was the average price of oil reaching US$ 100 in 2022.
Oil and Gas Exploration: An Overview of the Process
The exploration phase begins with the signing of the contract for the exploration and production of oil and natural gas. During this stage, the areas being explored are referred to as blocks, where companies conduct studies and activities, such as seismic surveys and well drilling, aimed at detecting the presence of oil or natural gas in quantities that make extraction economically viable.
The exploration phase begins with the signing of the contract for the exploration and production of oil and natural gas. During this stage, the areas being explored are referred to as blocks, where companies conduct studies and activities, such as seismic surveys and well drilling, aimed at detecting the presence of oil or natural gas in quantities that make extraction economically viable.
