Brazil Upstream — CAPEX Benchmark

• ▸Unit CAPEX (US$/boe, 2026) — P10 / P50 / P90
• ▸Benchmark cost curve (log-log, with project points)

• ▪Table 1 — 2023 production by basin (ANP, kboe/d; gas at 6 Mcf = 1 boe, gross).
• ▪Table 2 — Development archetypes and how the reconstructed (B) CAPEX is priced (2025 basis before calibration).
• ▪Table 3 — Calibration of the reconstruction on documented (A) projects (MMUSD; ratio = A escalated / B before calibration).
• ▪Table 4 — Brazil location-factor drivers (Kpex Z.4): institutional and infrastructure drivers with source, rating, percentile and factor.
• ▪Table 5 — CAPEX by development archetype (2026 basis).
• ▪Table 6 — CAPEX by producing basin (2026 basis): number of fields, aggregate development CAPEX and recoverable reserves.
• ▪Table 7 — CAPEX by operator (2026 basis; operator as reported to ANP in 2023, current corporate names).
• ▪Table 8 — Functional-unit split by archetype (indicative Kpex allocation, DRAFT) and portfolio CAPEX by functional unit.
• ▪Table 9 — Asset register: the 116 Brazilian upstream developments with basin, operator, archetype, recoverable reserves, escalated CAPEX, unit CAPEX and data grades (CAPEX A = documented, B = reconstructed; EUR A = declared/certified or final cumulative, B = ANP data with explicit estimate).
• ▪Table 10 — Referential fields held outside the fit.
• ▪Table 11 — Validation points and anchors not used in calibration (2026 basis).
• ▪Table 12 — Bibliography: 37 sources, the figure each supports and its link.