Brazil - Operations
- Operator, 100% equity position
- Fast follower with a low cost seismic option
- Four shallow water blocks adjacent to major explorers – including Shell, PTTEP, Petrobras
- Conjugate basin to Ghana and Côte d’Ivoire
- Prospective resources of 300mmbbls+*
- 775km² 3D survey completed March 2016: partnering process ongoing
The Company was successful in bidding for and winning a 100% interest in four licences offshore Brazil in the 11th round of licensing.
This additional large equity position in a new and emerging hydrocarbon province broadened Chariot’s footprint onto both Atlantic margins and will provide further opportunity for levered partnering and funding to explore for material accumulations of hydrocarbons. In March 2016 Chariot carried out a 3D seismic programme across the entirety of the acreage. Once processing is complete, Chariot will have no more commitments in this phase of exploration. A partnering process is open on these licences to secure levered partners in the forward programme.
Brazil is the ninth largest energy consumer in the world and primary energy consumption continues to increase due to sustained economic growth. Brazil has over 14.0bnbbls of proven oil reserves, the second largest in South America after Venezuela, with the vast majority in the offshore Campos and Santos Basins, located off the country’s southeast coast. Recent discoveries of large offshore, pre-salt oil deposits could transform Brazil into one of the largest oil producers in the world.
* Internal Chariot estimate