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With This Billion-Dollar Production in the Pre-Salt Fields, About 1.9 Billion Barrels Should Go to the Federal Government
Proving to be a super-heated sector, Brazilian oil and gas production in the pre-salt layer fields is set to total around 7.7 billion barrels of oil within the sharing regime, with 1.9 billion barrels for the Federal Government, according to the website Bem Paraná.
This forecast was released by Pré-Sal Petróleo (PPSA), a company linked to the Ministry of Mines and Energy, on November 29 by the CEO of the state-owned company, Eduardo Gerk, during the opening of the 5th Technical Forum Pre-Sal Petróleo.
The area of the pre-salt polygon extends from the northern coast of Santa Catarina to the south of Espírito Santo, encompassing an exploratory area of 149 thousand square kilometers (km²) at depths of up to 7 thousand meters.
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Costs Outside of Oil Exploration in the Pre-Salt
The costs of oil exploration operations, according to the sharing contracts, are deducted from the total value and any excess oil that exceeds this amount is shared between the winning company or consortium of the area and the Federal Government.
According to Gerk, the estimate is based on 19 contracts combined with fields that are nearly operational, with 80% of this volume coming from fields that already have a commerciality declaration.
“We have an impressive increase in production from oil wells, starting in 2023 at around 800 thousand barrels per day and reaching close to 3 million barrels per day around 2029, 2030. We had presented this last year and we are reaffirming these numbers. We segmented between what already has a commerciality declaration and what does not, but 80% of the production is already practically guaranteed.”
Millions of Barrels of Oil per Day
The director also highlighted that the total oil production in Brazil by 2029 is expected to be 5.4 million barrels per day, with more than half of this amount originating from the pre-salt sharing regime.
“In the year 2029 itself, out of the 5.4 million barrels, we have 4.3 million coming from the entire pre-salt. So, when we reach the maximum point, there is an oil production of 2.9 million in the production sharing contracts, which the PPSA is responsible for managing and commercializing. From this entire oil, the Federal Government’s share will reach a level close to one million barrels per day in 2031.”
According to Eduardo, this will make the Federal Government’s oil production per day comparable to countries like China, Colombia, the United Kingdom, and Venezuela. Furthermore, the director stated that the estimated revenue from the sale of oil from the Federal Government could reach US$ 29.4 billion in 2031, accumulating US$ 157 billion by 2032.
“The collection from accumulated royalties will be around R$ 100 billion by 2032 and with taxes on corporate profits, the figure is around R$ 87 billion,” added the executive. As a result, revenue directed to public coffers will total US$ 344 billion over the next decade.
The capital allocated for the following years will be US$ 72.5 billion, requiring 21 floating production storage and offloading units (FPSOs) and 319 wells, including producers, injectors, and exploratory wells.
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