Assessment of yet-to-find-oil in the Pre-Salt area of Brazil

Jones, Cleveland M.; Chaves, Hernani Aquini Fernandes

doi:10.1190/sbgf2015-002

Cited by 9 publications

(6 citation statements)

References 1 publication

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“…The confirmed reserves indicate a volume of oil of between 30 and 40 billion barrels. However, based on estimates by Jones and Chaves (2015), taking into consideration the undiscovered, recoverable hydrocarbon resources in the Brazilian pre-salt, the volume is significantly higher: 119 billion barrels of oil and gas (90% probability of occurrence), reaching 217 billion barrels. Thus, the new cluster reveals that it is possible for Brazil to become part of the select club of oil exporting countries.…”

Section: The Brazilian Oil Industry: the Protagonism Of Petrobrasmentioning

confidence: 99%

The irrationality of Petrobras’ divestments in refining

Ribeiro

Silva

Almeida

2019

BKR

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<p>Petrobras is a Brazilian state-owned company that is one of the largest oil companies in the world. It is internationally recognizedfor being a company at the technological frontier in the segment of exploration and production (E&P) of oil and gas in deepwaters. Also, Petrobras is the publicly traded oil company with the largestproduction of hydrocarbons in the world. This paper aims to investigate the strategies Petrobras currently adopts in refining based on an econometric analysis of panel data. The article is apioneer in the sense of empirically demonstrating that Petrobras consolidated its position in E&P while advancing in the aggregation of value in the refining sector. We can see that income elasticity are less than 1 (about 0.6%). Thisis positive and significant, but the smaller sensitivity than unity demonstrates that the country has broken the barrier to entry into the export sector of oil products.Thus, based on econometric estimates, it is believed that there is a great misunderstanding in the strategy of divestitures and downsizing in the segment of refining.</p>

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Section: The Brazilian Oil Industry: the Protagonism Of Petrobrasmentioning

confidence: 99%

The irrationality of Petrobras’ divestments in refining

Ribeiro

Silva

Almeida

2019

BKR

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“…In 2006, Brazilian state-controlled company Petrobras discovered large accumulations of high-quality light oil in deep waters, geologically trapped below a thick layer of salt, thus the name 'pre-salt'. Jones and Chaves (2015) estimated the total volume of recoverable accumulations in the pre-salt province ranging from 119 billion barrels (P90) to 217 billion barrels ( P10), what ranks the pre-salt discoveries among the largest discoveries of the last decades worldwide (Sauer and Rodrigues 2016).…”

Section: Multi-project Approaches In Eia and Seamentioning

confidence: 99%

Multi-project environmental impact assessment: insights from offshore oil and gas development in Brazil

Vilardo

Rovere

2018

Impact Assessment and Project Appraisal

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Despite being adopted worldwide, environmental impact assessment (EIA) is under pressure in many countries, while perceived (rightly or wrongly) as an ineffective and inefficient process. Strategic environmental assessment (SEA) is thought to help address some of EIA's shortcomings, but it is absent in many jurisdictions and sectors. In this paper, we argue that multi-project EIA can, in some contexts, simultaneously deliver greater effectiveness and process streamlining. To illustrate our claim, we present a case study from offshore petroleum production in Brazil, where the development of the pre-salt giant reserves is being licensed through a multi-project EIA approach, in a non-SEA planning environment. The analysis provides interesting insights on the strengths and challenges of that strategy, focusing on five aspects of practice: cumulative impacts, efficiency, approach to authorizations, follow-up and political issues. Proper scoping was found to be essential to consistent EIA processes and shorter review times. Finally, we suggest that multi-project EIA approach should be revisited by practitioners and regulators to identify opportunities for deployment, especially in jurisdictions where strategic assessments are not in place.

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“…In Brazil, an assessment of the yet-to-find-oil potential of a major world-class petroleum play, the presalt province, was carried out in 2011 (Jones and Chaves 2011) and 2015 (Jones and Chaves 2015). The 2015 probabilistic assessment pointed to between 176 billion (P90) and 273 billion (P10) barrels of recoverable resources.…”

Section: Examples Of World-class Plays That Remain Underexploredmentioning

confidence: 99%

The oil and gas industry must break the paradigm of the current exploration model

Jones¹

2017

J Petrol Explor Prod Technol

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An analysis of the exploration model that the oil and gas industry currently follows suggests that it often restricts innovation and inhibits exploration efforts. Examples of large, underexplored areas with significant oil and gas potential demonstrate how the current exploration model fails to allow adequate exploration efforts to be conducted. A description of a possible new exploration model is presented, involving the use of exploration technologies already available, as a means of breaking the paradigm of the current exploration model. Results of recent applications of such a model suggest that it can be applied both onshore and offshore, and that it is effective in detecting anomalies associated with significant hydrocarbon accumulations. Employing the new exploration model proposed, it was possible to effectively identify 99% of known hydrocarbon accumulations, although it was most effective at detecting hydrocarbon accumulation anomalies with a linear extent of over 2 km, and it also allowed a valuable ranking of the identified leads. In conjunction with appropriate exploration tools, it reduced exploration risk by avoiding ''false alarms,'' since it can effectively indicate areas without hydrocarbon potential, even when other geophysical tools would suggest prospectivity. These results suggest that the proposed alternative exploration model can provide a more direct means of assessing the hydrocarbon potential of large exploratory areas, even before other geophysical investigations provide detailed information on possible targets. Breaking the paradigm of the current exploration model may thus be able to shorten the exploration cycle, reduce costs and allow resource development to proceed in frontier regions that would not otherwise be likely to attract exploratory efforts.

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Assessment of yet-to-find-oil in the Pre-Salt area of Brazil

Cited by 9 publications

References 1 publication

The irrationality of Petrobras’ divestments in refining

The irrationality of Petrobras’ divestments in refining

Multi-project environmental impact assessment: insights from offshore oil and gas development in Brazil

The oil and gas industry must break the paradigm of the current exploration model

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