FPSO Units Play Key Role in Sub-Salt Development in Brazil

Monday 6 May 2013, Amsterdam

Brazil recorded 22 oil and gas discoveries in 2012 (as of October), which is the highest of any country worldwide. Around 75% of these discoveries are located in offshore areas. Following Brazil, Australia, Colombia and Norway had the next-largest numbers of oil and gas discoveries in 2012, with 20, 13 and 13, respectively.

Offshore oil and gas fields contribute the majority of Brazil’s total oil and gas production. In 2011, the contribution of offshore fields to the country’s total oil and gas production was recorded as being about 90.5%.

Brazil’s oil and gas sector has witnessed significant development since the monopoly of state oil company Petroleo Brasileiro S.A. (Petrobras) ended and the market was deregulated in 1997. Subsequently, Petrobras was partially privatized and other foreign and private oil and gas operators were allowed to explore and develop Brazil’s oil and gas resources.

Floating Production Storage and Offloading (FPSO) units are playing a key role in sub-salt development in Brazil. As of October 2012, Brazil has 31 FPSO units, operating with an annual crude oil production capacity of 1,236.2 million barrels (mmbbl) and an annual natural gas production capacity of 1,061.3 billion cubic feet (bcf). There are also 28 FPSO units that are expected to become operational during 2011-2014.

"Offshore and Sub-salt Discoveries in Brazil - Market Analysis, Competitive Landscape and Production Forecasts to 2020” is the latest report, the industry analysis specialist. The report provides an overview of the offshore and sub-salt discoveries in Brazil and analyzes the major drivers and challenges, key active sub-salt blocks, historic and projected offshore and sub-salt production, some of the major discoveries by basin, and the competitive landscape in the industry.