Brazil Oil and Gas Report Q3 2016

Date: June 8, 2016
Pages: 130
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Includes 3 FREE quarterly updates

BMI View: Brazil's vast pre-salt reserves suggest substantial growth potential over the long term, underpinning our bullish upstream view that crude, natural gas, and other liquids output will rise over the next decade. However, production growth will be limited by declining investment funds and continued headwinds from the corruption scandal and ongoing political crisis. As such, we maintain a relatively modest outlook, reflecting our view that the above-ground environment remains a considerable obstacle to the upstream and downstream segments due to weakening project economics, waning investor confidence, and a burdensome regulatory environment.

The key trends and developments in the Brazilian oil and gas sector are:
  • On May 12, Brazil's Senate joined the lower house, voting to open an impeachment trial for President Dilma Rousseff for alleged misuse of public funds. Brazil is set for a shift to more centrist policies with the ascendance of former vice president Michel Temer to the presidency. We expect that the Senate will ultimately vote to impeach Rousseff in the months ahead, ending 13 years of leftist Partido dos Trabalhadores (PT) rule, and paving the way for Temer to remain in power until new elections are held in 2018.
  • While early policy statements from Temer and his aides indicate upside for Brazilian growth over the next few years, staunch legislative opposition from Rousseff's PT, an ongoing impeachment trial and potential for substantial public pushback against cutting spending in the midst of a deep economic recession will likely stymie the pace of reform, including within the oil and gas sector.
  • Reports are surfacing that Brazilian officials plan to alter existing presalt regulations in the coming weeks to encourage greater private investment in the oil sector. The new proposals would allow privately owned companies to operate production-sharing contracts (PSCs) in deepwater acreage, altering a key element of the Presalt Law passed in 2010. Producers other than national oil company (NOC) Petrobras will only be able to operate in the presalt if blocks are sold to combine operations with existing concessions that were signed prior to the passage of the 2010 law.
BMI Industry View
  Table: Headline Forecasts (Brazil 2014-2020)
Oil & Gas SWOT
Industry Forecast
Upstream Exploration
Latest Updates
Structural Trends
  Table: Breakdown Of Onshore Reserves
  Table: Breakdown Of Offshore Reserves
Upstream Projects
  Table: Brazil Key Upstream Projects
Upstream Production - Oil
Latest Updates
Structural Trends
  Table: List Of Recently Completed FPSO Conversion/Construction Projects (Non-Exhaustive)
  Table: Oil Production (Brazil 2014-2019)
  Table: Oil Production (Brazil 2020-2025)
Upstream Production - Gas
Latest Updates
Structural Trends
  Table: Gas Production (Brazil 2014-2019)
  Table: Gas Production (Brazil 2020-2025)
Latest Updates
Structural Trends
  Table: US Renewable Fuel Volumes
  Table: Refining Capacity and Refined Products Production (Brazil 2014-2019)
  Table: Refining Capacity and Refined Products Production (Brazil 2020-2025)
Refined Fuels Consumption
Latest Updates
Structural Trends
  Table: Refined Products Consumption (Brazil 2014-2019)
  Table: Refined Products Consumption (Brazil 2020-2025)
Gas Consumption
Latest Updates
Structural Trends
  Table: Gas Consumption (Brazil 2014-2019)
  Table: Gas Consumption (Brazil 2020-2025)
Trade - Oil
Crude Trade Forecasts
Latest Updates
Structural Trends
  Table: Crude Oil Net Exports (Brazil 2014-2020)
  Table: Crude Oil Net Exports (Brazil 2020-2025)
Refined Fuels Forecasts
Latest Updates
Structural Trends
  Table: Refined Fuels Net Exports (Brazil 2014-2019)
  Table: Refined Fuels Net Exports (Brazil 2020-2025)
Trade - Gas (Pipeline And LNG)
Latest Updates
Structural Trends
  Table: Gas Net Exports (Brazil 2014-2019)
  Table: Gas Net Exports (Brazil 2020-2025)
Industry Risk Reward Index
Latin America - Oil & Gas Risk/Reward Index
  Table: Latin America - Composite Risk/Reward Index
Composite RRI: Industry Downturn Weighs On Regional Performance
Upstream: Few Shifts, But Changes Loom
  Table: Latin America - Upstream Risk/Reward Index
Downstream: Medium-Term Outlook Reinforces Current Dynamics
  Table: Latin America Downstream Risk/Reward Index
Brazil - Risk/Reward Index
Market Overview
Brazil Energy Market Overview
Overview/State Role
Licensing And Regulation
Licensing Rounds
International Energy Relations
Oil And Gas Infrastructure
Oil Refineries
  Table: Refineries In Brazil
Service Stations
Oil Terminals/Ports
Oil Pipelines
LNG Terminals
Gas Pipelines
Competitive Landscape
  Table: Key Players In Brazil's Oil And Gas Sector
Company Profile
Brazil - Petrobras: Doubling Down On Upstream Strategy
  Table: Petrobras' Domestic and International Assets
  Table: Top 10 Upstream Asset Impairments in 2015
Chevron Brasil
  Table:   Table: Major Upstream Assets In Brazil
  Table:   Table: Key Financial Data (USDbn)
Latest Updates
  Table:   Table: Major Upstream Assets In Brazil
  Table:   Table: Key Financial Data, USDmn
Shell Brasil
Latest Updates
  Table:   Table: Major Upstream Assets In Brazil
  Table:   Table: Key Financial Data, USDbn
Statoil do Brasil
Latest Updates
  Table:   Table: Major Upstream Assets In Brazil
  Table:   Table: Key Financial Data, USDmn
Esso Brasileira de PetrĂ³leo
Latest Updates
  Table:   Table: Current Upstream Assets
  Table:   Table: Key Financial Data, USDbn
Regional Overview
Latin America Overview
  Table: Latin America Oil and Gas Production, Refining Capacity and Trade, 2014-2025
  Table: Glossary Of Terms
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Bmi's Oil & Gas Upstream Risk/Reward Index
  Table: Weighting
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