Optimizing Exploration and Development Opportunities
Final Remarks: E&P Business Environment in Brazil
Our Strengths
Brazil has never
breached an E&P
contract
Geological potential
Pre-salt: world-class low
carbon intensity assets
Past and future bidding
rounds (including open
acreage)
Market opening
(Petrobras Divestment
Plan)
What we need to
improve
Country risk
Environmental licensing
in new frontier basins
Regressive tax regime
Red tape and the pace
of reforms
Opportunities
In the short term: oil
prices trending up
Last window of
opportunity to explore
less competitive assets
Threats
Global competition
(Middle East, shale oil/gas,
Guyana/Suriname, Africa, countries
with more progressive tax regimes
etc)
Companies becoming
more selective as there
is less capital available
for investment in E&P
Energy transition will
lower demand for oil
and gas
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