Brazil’s Oil Riches:First found in people’s minds, again
Presentation to the
University of HoustonC. T. Bauer College of Business
Global Energy Management Institute
Renato T BertaniOctober 2008
World Energy Consumption Matrix (2005)Quadrillion btu
0
25
50
75
100
125
N America
Europe
Asia
Eurasia
Asia
M East
Africa
C&S America
OtherNuclearCoalN GasLiquids
The Current Energy Matrix: fossil fuels are by far the largest source of energy
Total Consumption: 462 quadrillion btu
OECD NON OECD
Liquids: Conventional (oil, condensate, natural gas plant liquids, refinery gains) Non-Conventional (oil sands, extra heavy oil, biofuels, GTL, CTL) Source: EIA, Sept08
Total Consumption: 462 quadrillion btu
World Marketed Energy Use by Fuel TypeQuadrillion btu
0
50
100
150
200
250
1980
1983
1986
1989
1992
1995
1998
2001
2004
2007
2010
2013
2016
2019
2022
2025
2028
LiquidsNatural GasCoalNuclearRenewables
Fossil Fuels will continue as the main source of energy
Source: EIA, Sept 08
Liquids: Conventional (oil, condensate, natural gas plant liquids, refinery gains) Non-Conventional (oil sands, extra heavy oil, biofuels, GTL, CTL)
$80
$150??
STABILITY
VOLATILITY
GAS PRICE
$/BOEGAS PRICE
$/BOE
OIL PRICE$/BO
$40
Long Term Price Scenarios
A journey towards the blue waters(where the big fish roam!!)
Blue water, big fishes
Source: F. Nepomuceno, 2008Petrobras
Pre salt source, post salt reservoirs
Source: F. Nepomuceno, 2008Petrobras
Campos Basin Post Salt Giant Fields
Upper Cretaceous Reservoirs● Turbidites● High porosity and permeability● Heavy oil
Tecnologies● Semi submersibles and FPSOs● Gravel packing● Subsea completion
OIL AND GAS RESERVES – SPE CRITERIA
OnshoreShallow water (0-300m)Deep water (>300m)
Steady and steep reserves growth
Petrobras Oil Production – kb/day
Steady oil production growth
Lower Aptian Paleogeography (122 m.y.)
Pre Salt Reservoirs and Recent Analog
Source: José Formigli, 2008, Petrobras
Pre Salt: seeing and believing
Source: F. Nepomuceno, 2008Petrobras
Pre salt source, pre salt reservoirs
PRE SALT DISCOVERIES OFFSHORE BRAZIL
Source: O Globo Sept 25,08
The Santos Basin Pre Salt Cluster
The Pre Salt Province
Source: José Formigli, 2008, Petrobras
Technological Challenges• Reservoir characterization• Well Drilling and Completion
• Well deviation in salt zones• CO2 resistant materials• Highly deviated wells
• Subsea Engineering• WD: 2,200m and deeper• High Pressure, CO2
• Flow assurance and artificial lifting• Floating Production Units
• Mooring• Interaction with risers• Direct access to wells (SPARS, other alternatives
Technologies
Source: José Formigli, 2008, Petrobras
Logistics Challenge
Source: José Formigli, 2008, Petrobras
Supply Challenges......and Opportunities
Petrobras Contracting Program
Tendered To be tendered Total Large Ships
Supply Boats
Production Units (FPSO/SS)
Other (JackUps, TLWP)
TOTAL
Source: José Gabrielli, 2008, Petrobras
Petrobras Technological ProgramsThe key to success
Many Thanks!
