ANP foresees investments in the exploration phase of BRL 20.5 billion until 2027

The data were released this Wednesday (19) during the presentation of the 2022 Annual Exploration Report – Diagnosis and Prospects for Oil and Natural Gas Exploration in Brazil.

According to the report, R$ 11 billion in investments are planned for the maritime basins on the equatorial margin and R$ 8.5 billion for the east margin. The basin at the mouth of the Amazon concentrates the largest volume of investments, followed by the Campos and Santos basins.

“Based on the investment forecast, the market is actually signaling its interest in advancing exploration and improving performance as we had 23 wells drilled in 2022 and a forecast of 32 exploratory wells in 2023 and 36 wells in 2024.

At the end of last year, there were 295 blocks under contract in the exploration phase, an increase of 24% compared to 2021, when 238 were accounted for. There were 157 blocks in onshore basins and 138 in offshore basins. One of the explanations for this increase, according to Montez, was the average price of a barrel of oil at US$ 100 in 2022.

The exploration phase begins with the signing of the contract for exploration and production of oil and natural gas. At this stage, the explored areas are called blocks, and the companies carry out studies and activities (such as seismic surveys and well drilling) to detect the presence of oil or natural gas in sufficient quantity to make extraction economically viable.

If so, the company submits a declaration of commerciality to the ANP and the block (or part of it) becomes a development area, starting the production phase. If not, the company can return the block (or part) to the ANP.