Table of Contents
1 Table of Contents 2
1.1 List of Tables 9
1.2 List of Figures 11
2 Brazil Energy Sector 12
2.1 Brazil Energy Sector, Market Overview 12
2.2 Brazil Energy Sector, Natural Gas 13
2.2.1 Brazil Natural Gas,
Overview 13
2.2.2 Brazil Natural Gas, Supply and Demand Balance 13
2.2.3 Brazil Natural Gas Regulatory Structure 19
2.2.4 Brazil Natural Gas,
Infrastructure 19
3 Brazil Petroleum Fiscal Regime 20
3.1 Brazil
Petroleum Fiscal Environment 20
3.2 License Terms 20
3.3 Key Fiscal
Terms 21
3.4 Sample Cashflows Calculations 28
4 Brazil Gas Upstream
Investment Environment Benchmarking 29
4.1 Introduction 29
4.2 The
Overall Ranking 29
4.3 Upstream Fiscal Attractiveness 30
4.3.1 Maximum
Government Take Index 31
4.3.2 Maximum State Participation Index 31
4.3.3 Domestic Market Obligation Index 31
4.4 Gas Sector Performance
32
4.4.1 Exploration Activity 34
4.4.2 Gas Production 35
4.4.3 Gas
Reserves 35
4.4.4 Gas Consumption 36
4.5 Economic Performance 36
4.5.1 GDP Growth Index 38
4.5.2 FDI Confidence Index 38
4.5.3 Balance
of Trade Index 38
4.6 Socio-Political Performance 38
4.6.1 Democracy
Index 40
4.6.2 Governance Index 40
5 Brazil Exploration and Production
Sector 41
5.1 Brazil Exploration and Production Sector, Country Snapshot
41
5.1.1 Brazil Exploration and Production Sector, Key Data 41
5.1.2
Brazil Exploration and Production Sector, Natural Gas Assets Map 41
5.2
Brazil Exploration and Production Sector, Marketed Natural Gas Production
42
5.2.1 Brazil Exploration and Production Sector, Marketed Natural
Gas-Historical Production 42
5.2.2 Brazil Exploration and Production
Sector, Marketed Natural Gas Production by Assets 43
5.2.3 Brazil
Exploration and Production Sector, Marketed Equity Weighted Natural Gas
Production by Company 43
5.2.4 Brazil Exploration and Production Sector,
Market Share (%) based on Marketed Natural Gas Production 45
5.3 Brazil
Exploration and Production Sector, Marketed Natural Gas Forecasts 46
5.3.1
Brazil Exploration and Production Sector, Marketed Natural Gas Forecasted
Production 46
5.3.2 Brazil Exploration and Production Sector, Gross
Revenue Forecast 46
5.3.3 Brazil Exploration and Production Sector,
Government Take Forecast 47
5.3.4 Brazil Exploration and Production
Sector, Contractor Take Forecast 47
5.4 Brazil Exploration And Production
Sector, Natural Gas Asset Details 48
5.4.1 Brazil Exploration And
Production Sector, Active Natural Gas Asset Details 48
5.4.2 Brazil
Exploration And Production Sector, Planned Natural Gas Asset Details 48
6
Brazil Pipeline Sector 49
6.1 Brazil Pipeline Sector, Key Data 49
6.2
Brazil Pipeline Sector, An Overview 49
6.3 Brazil Pipeline Sector,
Comparison of Key Natural Gas Pipeline Companies 49
6.4 Brazil Pipeline
Sector, Natural Gas Pipelines 51
7 Brazil LNG Sector 54
7.1 Brazil LNG
Sector, Key Data 54
7.2 Brazil LNG Sector, Liquefaction 54
7.2.1
Brazil LNG Sector, Liquefaction, Total Liquefaction Capacity 54
7.2.2
Brazil LNG Gas Sector, Liquefaction, Market Share By Company 55
7.2.3
Brazil LNG Sector, Asset- Wise Liquefaction Capacity 56
7.3 Brazil LNG
Sector, Regasification 57
7.3.1 Brazil LNG Sector, Regasification, Total
Regasification Capacity 57
7.3.2 Brazil LNG Gas Sector, Regasification
Capacity- Wise (Bcf) Market Share By Company 58
7.3.3 Brazil LNG Sector,
Asset- Wise Regasification Capacity 59
8 Profile Of Petroleo Brasileiro
S.A. 60
8.1 Petroleo Brasileiro S.A., Key Information 60
8.2 Petroleo
Brasileiro S.A., Company Overview 60
8.3 Petroleo Brasileiro S.A.,
Business Description 60
8.3.1 Petroleo Brasileiro S.A., Business
Description, Business Overview 60
8.3.2 Petroleo Brasileiro S.A., Business
Description, Distribution 60
8.3.3 Petroleo Brasileiro S.A., Business
Description, Exploration and Production 61
8.3.4 Petroleo Brasileiro S.A.,
Business Description, Gas and Energy 63
8.3.5 Petroleo Brasileiro S.A.,
Business Description, International 64
8.3.6 Petroleo Brasileiro S.A.,
Business Description, Supply 65
8.4 Petroleo Brasileiro S.A., Value Chain
Analysis 67
8.4.1 Petroleo Brasileiro S.A., Value Chain Analysis, Upstream
67
8.4.2 Petroleo Brasileiro S.A., Value Chain Analysis, Midstream 68
8.4.3 Petroleo Brasileiro S.A., Value Chain Analysis, Downstream 69
8.4.4
Petroleo Brasileiro S.A., Value Chain Analysis, Retail 70
8.5 Petroleo
Brasileiro S.A., SWOT Analysis 70
8.5.1 Petroleo Brasileiro S.A., SWOT
Analysis, Overview 70
8.5.2 Petroleo Brasileiro S.A., SWOT Analysis,
Strengths 71
8.5.3 Petroleo Brasileiro S.A., SWOT Analysis, Weaknesses
72
8.5.4 Petroleo Brasileiro S.A., SWOT Analysis, Opportunities 73
8.5.5 Petroleo Brasileiro S.A., SWOT Analysis, Threats 73
8.6 Petroleo
Brasileiro S.A., Revenue Analysis 74
8.6.1 Petroleo Brasileiro S.A.,
Revenue by Segment 74
8.6.2 Petroleo Brasileiro S.A., Revenue by Geography
75
8.7 Petroleo Brasileiro S.A., Financial and Operational Review 76
8.7.1 Financial Statements 76
8.7.2 Financial Ratios 77
9 Profile of
Royal Dutch Shell Plc 78
9.1 Royal Dutch Shell Plc, Key Information 78
9.2 Royal Dutch Shell Plc, Company Overview 78
9.3 Royal Dutch Shell Plc,
Business Description 78
9.3.1 Royal Dutch Shell Plc, Business Description,
Overview 78
9.3.2 Royal Dutch Shell Plc, Business Description, Chemicals
79
9.3.3 Royal Dutch Shell Plc, Business Description, Corporate and Others
80
9.3.4 Royal Dutch Shell Plc, Business Description, Exploration and
Production 80
9.3.5 Royal Dutch Shell Plc, Business Description, Gas and
Power 82
9.3.6 Royal Dutch Shell Plc, Business Description, Oil Products
84
9.3.7 Royal Dutch Shell Plc, Business Description, Oil Sands 85
9.4
Royal Dutch Shell Plc, Value Chain Analysis 87
9.4.1 Royal Dutch Shell
Plc, Value Chain Analysis, Upstream 87
9.4.2 Royal Dutch Shell Plc, Value
Chain Analysis, Midstream 88
9.4.3 Royal Dutch Shell Plc, Value Chain
Analysis, Retail 89
9.4.4 Royal Dutch Shell Plc, Value Chain Analysis,
Power Generation 89
9.4.5 Royal Dutch Shell Plc, Value Chain Analysis,
Transformation 90
9.5 Royal Dutch Shell Plc, SWOT Analysis 91
9.5.1
Royal Dutch Shell Plc, SWOT Analysis, Overview 91
9.5.2 Royal Dutch Shell
Plc, SWOT Analysis, Strengths 91
9.5.3 Royal Dutch Shell Plc, SWOT
Analysis, Weaknesses 92
9.5.4 Royal Dutch Shell Plc, SWOT Analysis,
Opportunities 93
9.5.5 Royal Dutch Shell Plc, SWOT Analysis, Threats
94
9.6 Royal Dutch Shell Plc, Revenue Analysis 95
9.6.1 Royal Dutch
Shell Plc, Revenue by Segment 95
9.6.2 Royal Dutch Shell Plc, Revenue by
Geography 96
9.7 Royal Dutch Shell plc, Financial and Operational Review
97
9.7.1 Financial Statements 97
9.7.2 Financial Ratios 98
10
Profile of Repsol YPF, S.A 99
10.1 Repsol YPF, S.A, Key Information 99
10.2 Repsol YPF, S.A, Company Overview 99
10.3 Repsol YPF, S.A, Business
Description 99
10.3.1 Repsol YPF, S.A, Business Description, Business
Overview 99
10.3.2 Repsol YPF, S.A, Business Description, Chemicals
Segment 100
10.3.3 Repsol YPF, S.A, Business Description, Exploration and
Production Segment 101
10.3.4 Repsol YPF, S.A, Business Description, Gas
and Power Segment 102
10.3.5 Repsol YPF, S.A, Business Description,
Refining and Marketing Segment 103
10.4 Repsol YPF, S.A, Value Chain
Analysis 106
10.4.1 Repsol YPF, S.A, Value Chain Analysis, Upstream
106
10.4.2 Repsol YPF, S.A, Value Chain Analysis, Midstream 107
10.4.3
Repsol YPF, S.A, Value Chain Analysis, Downstream 108
10.4.4 Repsol YPF,
S.A, Value Chain Analysis, Retail 108
10.5 Repsol YPF, S.A, SWOT Analysis
109
10.5.1 Repsol YPF, S.A, SWOT Analysis, Overview 109
10.5.2 Repsol
YPF, S.A, SWOT Analysis, Strengths 110
10.5.3 Repsol YPF, S.A, SWOT
Analysis, Weaknesses 111
10.5.4 Repsol YPF, S.A, SWOT Analysis,
Opportunities 111
10.5.5 Repsol YPF, S.A, SWOT Analysis, Threats 113
10.6 Repsol YPF, S.A, Revenue Analysis 114
10.6.1 Repsol YPF, S.A, Revenue
by Segment 114
10.6.2 Repsol YPF, S.A, Revenue by Geography 115
10.7
Repsol YPF, S.A, Financial and Operational Review 116
10.7.1 Financial
Statements 116
10.7.2 Financial Ratios 117
11 Financial Deals
Landscape 118
11.1 Detailed Deal Summary 118
11.1.1 Acquisition
118
11.1.2 Equity Offerings 121
11.1.3 Partnerships 122
11.1.4
Asset Transactions 126
12 Recent Developments 139
12.1 License Rounds
139
12.1.1 Apr 03, 2009: Brazil' s ANP To Hold 11th Oil Concession Round In
2009 139
12.1.2 Mar 27, 2009: ANP To Offer Offshore Areas For 11th Oil And
Gas Licensing Round 139
12.2 Strategy and Business Expansion 140
12.2.1 Mar 18, 2009: Petrobras To Construct LNG Import Terminal In Brazil
140
12.3 Recent Discoveries 141
12.3.1 May 18, 2009: Petrobras Finds
Oil At 4BRSA708SPS Well In BM-S-3 Block In Brazil' s Santos Basin 141
12.3.2 May 11, 2009: Petrobras Finds Oil At 1BRSA718ES Well In Espirito Santo
Basin, Brazil 141
12.3.3 May 06, 2009: Petrobras Announces Discovery At
ES-T-364 Block In Espirito Santo Basin, Brazil 142
12.3.4 Apr 30, 2009:
Petrobras Reports Oil Find At ES-T-372 Inland Block In Santo Basin To ANP
142
12.3.5 Apr 28, 2009: Galp Energia Announces Oil Discovery At POT-T-521
Onshore Block In Potiguar Basin, Brazil 143
12.3.6 Apr 16, 2009: Petrobras
Finds Traces Of Oil In 1BRSA682ESS Well At Brazil’s Espirito Santo Basin
143
12.3.7 Apr 14, 2009: Petrobras Announces Oil Discovery At BM-S-9 At
Santos Basin, Brazil 143
12.3.8 Apr 08, 2009: BG Group Encounters
Hydrocarbons At Corcovado-1 Well In Santos Basin, Offshore Brazil 144
12.3.9 Mar 30, 2009: Starfish Oil & Gas Finds Oil Traces In 1STAR11RN Well At
Potiguar Basin, Brazil 144
12.4 Drilling and Production Updates 145
12.4.1 May 20, 2009: Petrobras' Brazil Oil Production Rises By 7.2% In April
2009 145
12.4.2 May 20, 2009: Shell To Begin Production At Parque das
Conchas Project In August 2009 146
12.4.3 May 15, 2009: Petrobras Updates
On Tupi Well In Santos Basin, Brazil 146
12.4.4 May 01, 2009: BG Group
Commences Production From BM-S-11 Concession In Santos Basin, Brazil 147
12.4.5 Apr 30, 2009: Petrobras To Commence Production From Tupi Field In
Santos Basin, Brazil 147
12.4.6 Apr 24, 2009: Petrobras Updates On Oil And
Gas Production In Brazil 147
12.4.7 Apr 16, 2009: Petrobras To Pump First
Oil From Its Tupi Field On May 1, 2009 148
12.4.8 Mar 30, 2009: Chevron
Expects Peak Production From Frade Field At Campos Basin In Brazil By 2011
149
12.5 Financial Announcements 149
12.5.1 May 13, 2009: OGX Reports
Net Profit Of BRL147.6 Million In Q1 2009 149
12.5.2 May 11, 2009:
Petrobras Q1 2009 Net Profit Down 20% 150
12.6 Other Significant
Developments 153
12.6.1 May 19, 2009: Petrobras Signs Funding Agreement
Worth $10 Billion With CDB 153
12.6.2 May 14, 2009: Petrobras Clarifies
Pre-Salt Block Issues 153
12.6.3 May 13, 2009: ANP Denies Petrobras'
Santos Basin Blocks Extension 154
12.6.4 May 05, 2009: Chevron To Drill
Wells In Subsalt Region Of Brazil 154
12.6.5 Apr 27, 2009: Petrobras To
Conduct Tests At Offshore Tupi Field In Santos Basin, Brazil 155
12.6.6
Apr 22, 2009: OGX Announces Changes In Senior Management 156
12.6.7 Apr
16, 2009: Petrobras Looks For New Rigs, Advances On Its Five-Year Investment
Plan 157
12.6.8 Mar 27, 2009: Chevron Says Frade Field At Campos Basin In
Brazil To Produce 90,000 Bod In 2011 158
12.6.9 Mar 23, 2009: ANP To
Accelerate Process For Oil And Gas Exploration Block Concessions 159
13
Appendix 160
13.1 Methodology 160
13.1.1 Coverage 161
13.1.2
Secondary Research 162
13.1.3 Primary Research 162
13.1.4 E&P
Forecasts 162
13.1.5 Midstream Forecasts 164
13.1.6 Expert Panel
Validation 164
13.2 Contact Us 164
13.3 About GlobalData 164
13.4
Disclaimer 165
1.1 List of Tables
Table 1: Brazil, Historical and
Forecasted Production and Consumption of Natural Gas, 1996-2020 14
Table
2: Brazil, Historical and Forecasted Imports of Natural Gas, 1996-2020 16
Table 3: Brazil, Reserves of Natural Gas, Billion Cubic Feet, 1996-2008 18
Table 4: Brazil, License Rental Rates, 2007 22
Table 5: Brazil, Special
Participation (In Reais) in First Year, 2007 23
Table 6: Brazil, Special
Participation (In Reais) in Second Year, 2007 24
Table 7: Brazil, Special
Participation (In Reais) in Third Year, 2007 25
Table 8: Brazil, Special
Participation (In Reais) After Third Year, 2007 26
Table 9: Brazil,
Depreciation Rate in Oil And Gas Industry, 2007 27
Table 10: South and
Central America, Investment Benchmarking, Overall Country Rankings, 2008
29
Table 11: South and Central America, Investment Benchmarking, Upstream
Fiscal Attractiveness, 2008 30
Table 12: South and Central America,
Investment Benchmarking, Gas Sector Performance, 2008 32
Table 13: South
and Central America, Investment Benchmarking, Economic Performance, 2008
36
Table 14: South and Central America, Country Standings, Economic
Performance, 2008 37
Table 15: South and Central America, Investment
Benchmarking, Socio-Political Performance, 2008 39
Table 16: South and
Central America, Country Standings, Socio-Political Performance, 2008 39
Table 17: Brazil, Natural Gas Key Statistics, 2008 41
Table 18: Brazil,
Total Marketed Natural Gas Production (MMcf), 2001-2008 42
Table 19:
Brazil, Marketed Natural Gas Production (MMcf), by Assets, 2001-2008 43
Table 20: Brazil, Marketed Equity Weighted Natural Gas Production (MMcf), by
Company, 2001-2008 43
Table 21: Brazil, Market Share (%) based on Marketed
Natural Gas Production, 2001-2008 45
Table 22: Brazil, Marketed Natural
Gas Production(MMcf), Forecast by Assets, 2009-2014 46
Table 23: Brazil,
Forecasted Assets-wise Gross Revenue(000' $), 2009-2014 46
Table 24:
Brazil, Projected Assets-wise Total Government Take(000' $), 2009-2014 47
Table 25: Brazil, Projected Assets-wise Total Contractor Take(000' $),
2009-2014 47
Table 26: Brazil, Active Gas Field Assets Details 48
Table 27: Brazil, Planned Gas Field Assets Details 48
Table 28: Brazil,
Pipeline Key Statistics, 2008 49
Table 29: Brazil, Natural Gas Pipelines
Length By Company (Km), 2008 49
Table 30: Brazil, Natural Gas Pipelines,
2008 51
Table 31: Brazil, Natural Gas Pipelines, 2008 (Contd.) 52
Table 32: Brazil, Natural Gas Pipelines, 2008 (Contd.) 53
Table 33:
Brazil, LNG Key Statistics, 2008 54
Table 34: Brazil Liquefaction Capacity
(Million Tonnes), 2000-2015 54
Table 35: Brazil, Liquefaction Capacity,
Company- Wise (Million Tonnes), 2000-2015 55
Table 36: Brazil,
Liquefaction Capacity (Million Tonnes), 2000-2015 56
Table 37: Brazil
Regasification Capacity (Bcf), 2000-2015 57
Table 38: Brazil,
Regasification Capacity, Company- Wise (Bcf), 2000-2015 58
Table 39:
Brazil Regasification Capacity (Bcf), 2000-2015 59
Table 40: Petroleo
Brasileiro S.A., Key Facts 60
Table 41: Petroleo Brasileiro S.A., SWOT
Analysis 71
Table 42: Petroleo Brasileiro S.A., Revenue by Segment, USD
Million, 2003-2007 74
Table 43: Petroleo Brasileiro S.A., Revenue by
Geography, USD Million, 2003-2007 75
Table 44: Petroleo Brasileiro S.A.,
Financial Statements, USD Million, 2003-2007 76
Table 45: Petroleo
Brasileiro S.A., Financial Ratios, USD Million, 2003-2007 77
Table 46:
Royal Dutch Shell plc, Key Facts 78
Table 47: Royal Dutch Shell plc,
SWOT Analysis 91
Table 48: Royal Dutch Shell plc, Revenue by Segment,
USD Million, 2003-2007 96
Table 49: Royal Dutch Shell plc, Revenue by
Geography, USD Million, 2003-2007 96
Table 50: Royal Dutch Shell plc,
Financial Statements, USD Million, 2003-2007 97
Table 51: Royal Dutch
Shell plc, Financial Ratios, USD Million, 2003-2007 98
Table 52: Repsol
YPF, S.A., Key Facts 99
Table 53: Repsol YPF, S.A., SWOT Analysis 109
Table 54: Repsol YPF, S.A., Revenue by Segment, Euro Million, 2003-2007
114
Table 55: Repsol YPF, S.A., Revenue by Geography, Euro Million,
2003-2007 115
Table 56: Repsol YPF, S.A., Financial Statements, Euro
Million, 2003-2007 116
Table 57: Repsol YPF, S.A., Financial Ratios, Euro
Million, 2003-2007 117
Table 58: Petrobras Acquired Ipiranga Downstream
Assets 118
Table 59: VB (Brasil) Petroleo Private Acquires IBV Brasil
Petroleo From EnCana 119
Table 60: Soros Fund Management Acquires Majority
Stake In Petroleo Brasileiro 120
Table 61: OGX Petroleo Completes IPO For
$4,116.73 Million 121
Table 62: Mitsubishi Enters Into Joint Venture With
Petrobras 122
Table 63: CNOOC Enters Into Joint Venture With Petrobras
123
Table 64: Reliance Industries To Enter Into Partnership With Petrobras
124
Table 65: Mitsui Forms Joint Venture With Petroleo Brasileiro 125
Table 66: OGX Petroleo e Gas Participacoes Acquires Additional 15% Stake In
BM-S-29 Block 126
Table 67: Petrobras And Queiroz Galvao To Acquire 18.3%
Interest In Block BM-CAL-5 From Norse Energy 127
Table 68: Ecopetrol To
Acquire 50% Interest In BMC-29 Concession From Anadarko Petroleum 128
Table 69: Royal Dutch Shell Sells Its 43% Stake In Brazil' s Campos Basin Block
BM-C-25 To Petroleo Brasileiro 129
Table 70: Vale To Acquire 12.5% Stake
In Two Gas Blocks From Woodside 130
Table 71: StatoilHydro Acquires 50%
Interest Peregrino Oil Field 131
Table 72: Anadarko Petroleum Sells 25%
Interest In Kaskida Unit And 50% Interest In Peregrino Field To StatoilHydro
132
Table 73: INPEX Petroleo Santos To Acquire 20% Interest In Block
BM-C-31 From Shell Brasil 133
Table 74: Petro Vista Acquires 41.3% Working
Interest In Tartaruga Block 134
Table 75: Benchmark Energy Acquires
BrazAlta' s Espirito Santo Blocks 135
Table 76: Petroleo Brasileiro To
Acquire Stake In Two Oil And Gas Assets In Brazil 136
Table 77: Brownstone
Acquires Stake In On-Shore Blocks From Petro Vista 137
Table 78: Park
Place Energy Sells 51% Interest In BrasAm Diamond Project 138
1.2
List of Figures
Figure 1: Brazil, Energy Sector break-up, 2008 12
Figure 2: Brazil, Natural Gas Production And Consumption, Billion Cubic Feet,
1996-2020 15
Figure 3: Brazil, Natural Gas Imports, Billion Cubic Feet,
1996-2020 17
Figure 4: Brazil, Natural Gas Reserves, Billion Cubic Feet,
1996-2008 18
Figure 5: Brazil, Upstream Oil & Gas Fiscal Regime
(Royalty/Tax), Sample Cashflows, 2005-2016 28
Figure 6: South and Central
America, Country Standings, Upstream Fiscal Attractiveness, 2008 31
Figure 7: South and Central America, Country Standings, Gas Sector
Performance, by Reserves-Exploration & Production, 2008 33
Figure 8: South
and Central America, Country Standings, Gas Sector Performance, by Production
& Consumption, 2008 34
Figure 9: South and Central America, Country
Standings, Exploration Blocks Awarded, 2008 35
Figure 10: South and
Central America, Country Standings, Economic Performance, 2008 37
Figure
11: South and Central America, Country Standings, Socio-Political Performance,
2008 40
Figure 12: Brazil, Natural Gas Assets Map, 2008 41
Figure 13:
Brazil, Total Marketed Natural Gas Production (MMcf), 2001-2008 42
Figure
14: Brazil, Marketed Equity Weighted Natural Gas Production (MMcf), by
Company, 2001-2008 44
Figure 15: Brazil, Market Share (%) based on
Marketed Natural Gas Production, 2008 45
Figure 16: Brazil, Natural Gas
Pipelines Length By Company (Km), 2008 50
Figure 17: Brazil Liquefaction
Capacity (Million Tonnes), 2000-2015 55
Figure 18: Brazil Liquefaction
Capacity, Company- Wise (Million Tonnes), 2000-2015 56
Figure 19: Brazil
Regasification Capacity (Bcf), 2000-2015 57
Figure 20: Brazil
Regasification Capacity, Company- Wise (Bcf), 2000-2015 58
Figure 21:
Petroleo Brasileiro S.A., Value Chain Analysis 67
Figure 22: Royal Dutch
Shell plc, Value Chain Analysis 87
Figure 23: Repsol YPF, S.A., Value
Chain Analysis 106
Figure 24: GlobalData Methodology 161
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