Offshore Activity

Pre-salt auctions to offer reserves of 2.5 billion barrels

The two pre-salt auctions that will be held in 2017 will offer at least 2.5 billion barrels of reserves.

The figure is a conservative estimate: it considers that only 20% of the 12.3 billion barrels identified by the ANP in the areas can be recovered.

Typically, the average recovery of reserves in Brazil ranges from 20% to 30%. Volume may rise with the use of recovery techniques or with new technologies.

The projections for the auction were presented by the agency at a technical seminar on the two pre-salt rounds scheduled for October 27.

Eight areas will be offered, which can yield the government R $ 7.7 billion, if all are sold.

Four of them are pieces of already known reserves that extend out of areas granted in previous auctions: Carcará, Gato do Mato, Sapinhoá and Tartaruga Verde.

The other four are new areas: Peroba, Pau Brasil, Alto de Cabo Frio Central and Alto de Cabo Frio Oeste.

The ANP did not make projections only for the last two because they are in a region with little exploration in the pre-salt. The areas are to the north of the Santos Basin, in front of the Lakes Region, in Rio.

Peroba and Pau Brasil are the two largest, with 5.3 billion and 4.1 billion barrels in the reservoir. Considering a recovery factor of 20%, they would have about 1 billion and 800 million barrels of proven reserves, respectively.

Petrobras decided to exercise preemptive rights over three areas: Sapinhoá, Peroba and Alto de Cabo Frio Central. This means that the state-owned company may choose to be an operator and have a 30% stake in the winning consortium.

At the Sapinhoá auction, the government will offer an area equivalent to 3.7% of the deposit, which is outside the concession area currently in operation.

Petrobras is the operator of the field, which is the second largest oil producer in Brazil.

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