Companies are opening their wallets in Brazil
Brazil’s big spenders
Upstream firms are opening their wallets again as offshore prospects look more lucrative
Oil and gas operators globally may have hacked back capex over the past year, offsetting the heavy financial toll brought about by the pandemic. But in Brazil, rising oil prices and competitive pre-salt reserves are tempting companies to stump up extra cash and invest in new offshore projects. In the Santos basin, Norwegian producer Equinor confirmed an $8bn development plan at the Bacalhau field—the discovery made by Brazilian NOC Petrobras in 2012—with estimated recoverable reserves at more than 1bn bl and a breakeven below $35/bl. The project is expected to come online in 2024 and will include one of Brazil’s largest ever floating production, storage and offloading (FPSO) units, with 220,
Also in this section
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
17 February 2026
Siemens Energy has been active in the Kingdom for nearly a century, evolving over that time from a project-based foreign supplier to a locally operating multi-national company with its own domestic supply chain and workforce
17 February 2026
Eni’s chief operating officer for global natural resources, Guido Brusco, takes stock of the company’s key achievements over the past year, and what differentiates its strategy from those of its peers in the LNG sector and beyond
16 February 2026
As the third wave of global LNG arrives, Wood Mackenzie’s director for Europe gas and LNG, Tom Marzec-Manser, discusses with Petroleum Economist the outlook for Europe’s gas market in 2026
