Offshore Exploration: All Eyes On Brazil’s Presalt Basins

Increased E&P activity is expected in the prolific presalt basins of Brazil, which hold billions of barrels of recoverable oil reserves.

Offshore Exploration: All Eyes On Brazil’s Presalt Basins

(Source: Royal Dutch Shell Plc; Shutterstock.com)

HOUSTON—Unlike last year’s slow progress in offshore licensing activity, E&P companies are expected to show renewed optimism for offshore exploration prospects in 2020 with Brazil leading the way.

With the fall in oil prices, the offshore market responded with a 40% decrease in exploration activity during the past few years. However, this year industry experts forecast more than 50 licensing rounds to be conducted across the globe.

While many offshore “hotspots” have been recognized, Brazil is expected to lead exploration efforts with major revival of its E&P activity in 2020. Although drilling through thick salt layers can be a geotechnical challenge, yet the large hydrocarbon potential and recovery rates have attracted investments from oil majors.

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Faiza Rizvi

Faiza Rizvi is a senior editor of ESG for Hart Energy's editorial department, with a strong focus on E&P Plus and HartEnergy.com. She has been covering all facets of the U.S. and international energy industry for over 5 years.