Brazil has been working on its oil fields for more than 60 years. However only 7 % of its 7.5 million km2 have been explored and only 4 % are currently operated.
It is in this small area in Santos Basin where the 149,000 km2 pre-salt layers are located. Only 45,600 km2 are operated under concessions – however, about 15,000 million barrels are expected to be contained in the area, given the past discoveries. This number could even reach 55,000 million barrels, which would set Brazil on a new oil world level.
Since the Brazilian hydrocarbon sector was liberalized in 1997 and Petrobras lost its monopoly, the oil sector has enormously developed, going from 3 % of the GDP to 12 % in just 14 years.
This great increase is not enough on itself though, since it requires going along with political measures to encourage the competition and gaining the maximum profit from the sector potential. For this purpose, the bid system, which is at a standstill since 2008, is essential.
