Promising Deepwater Fields Offshore of Brazil, and a Major Discovery Nearby in Guyana

Brazil has proven to have immense oil reserves offshore in deep water. While the potential for production is excellent, costs of producing from Brazil’s offshore fields are very high. This cost structure creates long-term challenges. By 2015, Brazil was producing a very significant 2.53 million barrels of oil per day, compared to neighboring Venezuela’s 2.63 million, according to BP.

In recent years, Brazil’s government-controlled oil company Petrobras announced the discovery of several mega oilfields offshore, including a major gas deposit named Jupiter, off the coast of the state of Rio de Janeiro, and an immense new oil discovery about 155 miles offshore of the state of Sao Paulo in the Santos Basin. This is close to the major offshore oil field once known as Lula (formerly known as Tupi) which was discovered in 2006 in the Santos Basin. An even larger find was made in 2010 in ultra-deep water north of Lula. The new find, called Libra, could hold as much as 12 billion barrels of oil. Brazil auctioned development rights to Libra in October 2013 to a multinational group of oil companies including state-owned Petroleo Brasileiro SA, Royal Dutch Shell, Total SA, Cnooc Ltd. and China National Petroleum Corp. The group agreed to pay $7 billion to Brazil’s Treasury and promised to source the bulk of their equipment and services in Brazil.

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Promising Deepwater Fields Offshore of Brazil, and a Major Discovery Nearby in Guyana, Business and Industry Trends Analysis

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