The creaming curve for lease sales in Brazil looks like it is turning towards the asymptote overall. Unfortunately there is insufficient data provided to allow land and marine leasing to be separated but I expect that the curve for land is close to the limit but that for marine areas is barely half way. The average take up of offers has remained high, which suggests APB, the Brazilian authority in charge, is discerning about what it offers. Drilling and Exploration Only a handful of exploration and appraisal wells are drilled onshore nowadays, but production wells continue to be added, though I expect they are all marginal producers (there has been a notable decline since 2015). Marine exploration and appraisal annual drilling numbers are also starting to decline. Production and injection well drilling is still healthy even with the decline in rigs (see […]