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PBR » Topics » Aging of Capitalized Exploratory Well Costs (US$ millions)

This excerpt taken from the PBR 6-K filed May 27, 2005.

Aging of Capitalized Exploratory Well Costs (US$ millions)

 

     at December 31,
     2004
    2003
    2002

Capitalized exploratory well costs that have been capitalized for a period of one year or less

    844    1,542    525

Capitalized exploratory well costs that have been capitalized for a period greater than one year

    840    361    350
    
  
  

Balance at December 31

    1,684    1,903    875
    
  
  

Number of projects that have exploratory well costs that have been capitalized for a period greater than one year

    40    23    34

 

Of the $840 million for 40 projects that include wells suspended for more than one year since the completion of drilling, approximately $766 million is associated with 26 offshore projects. Activities associated with assessing the reserves and the projects’ economic viability include: (a) $224 million – negotiations with potential customers of natural gas (three projects), (b) $60 million – discussions with operators for the joint development of two projects and (c) $54 million – negotiation of commercial terms with partner. Included in the $840 million of exploratory well costs that have been capitalized for a period of greater than one year since the completion of drilling is $321.5 million associated with 29 wells completed before 2002.

 

We believe that the changes proposed in FSP SFAS 19-a, if they are adopted, would not have a material effect on our financial position or results of operations for any period.

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