Exploration Challenges and Opportunities in Brazil's Santos Basin

This technical report discusses the current state of Brazil's offshore exploration and production industry, focusing on the Santos Basin and the challenges it faces. It outlines the significant reliance on a few major discoveries such as Tupi, Buzios, and Libra, which account for a substantial portion of the approximately 67.5 billion barrels of discovered offshore oil equivalent. The report notes that there have been no major discoveries since 2012, emphasizing the urgent need for continuous exploration efforts. Furthermore, it presents the impact of factors such as CO2 contamination in the Campos Basin, environmental permitting issues in the Equatorial Margin, and the lack of a 2024 Bid Round on the industry's exploration activities. The use of advanced seismic data solutions is highlighted as crucial for reducing risks associated with exploration. The report also mentions the potential for new play types identified through modern seismic data acquisition, which could revitalize exploration in previously under-researched areas outside Brazil's Exclusive Economic Zone.