Brazil Oil and Gas Report Q4 2016

Date: September 7, 2016
Pages: 133
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: BB278734319EN

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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 August 11, national oil company (NOC) Petrobras reported a USD106mn profit in its Q216 results, representing a 38% y-o-y decline. The fall was attributed to a weaker exchange rate, which increased interest expenses, coupled with a rise in operational expenses. Petrobras will remain focused on streamlining its operations, with a particular aim of boosting efficiencies at its most promising upstream assets. Furthermore, the NOC will increasingly direct its efforts toward ensuring long-term production growth, suggesting a reassessment of its heavily state-led approach.
  • Petrobras also announced it would reduce its 2016 capex plan by USD2.5bn in an effort to reduce the size of its USD124bn debt load. The company invested a reported USD7.4bn over H116 with nearly all spending directed toward upstream projects. This compares to a total spend of USD12.2bn over H115. Spending is expected to increase over H216, reaching a new targeted rate of USD18.5bn.
BMI Industry View
  Table: Headline Forecasts (Brazil 2014-2020)
Oil & Gas SWOT
Industry Forecast
Upstream Exploration
Latest Updates
Structural Trends
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: Brazilian Refineries
  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: Continued Adjustments Level Off Rankings
Upstream RRI: Steady Scores Mask Forthcoming Shifts
  Table: Latin America - Upstream Risk/Reward Index
Downstream: NOC Dominance Will Reinforce Fuels Deficit
  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: Brazil - Total Refining Capacity
Service Stations
Oil Terminals/Ports
Oil Pipelines
LNG Terminals
Gas Pipelines
Competitive Landscape
  Table: Brazil - Total Crude Production By Company, 2015
  Table: Brazil - Total Natural Gas Production By Company, 2015
Company Profile
Brazil -Petrobras: Above Ground Obstacles Will Hinder Growth Strategy
  Table: Petrobras Areas Of Upstream Operations
Shell Brasil
  Table:   Table: Major Upstream Assets In Brazil
  Table:   Table: Key Financial Data, USDbn
  Table:   Table: Major Upstream Assets In Brazil
  Table:   Table: Key Financial Data, USDmn
Statoil do Brasil
  Table:   Table: Major Upstream Assets In Brazil
  Table:   Table: Key Financial Data, USDmn
Chevron Brasil
  Table:   Table: Major Upstream Assets In Brazil
  Table:   Table: Key Financial Data (USDbn)
Esso Brasileira de PetrĂ³leo
  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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