An oil tanker at a Petrobras distribution terminal
Brazil looks to solve its energy security travails
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken
Brazil risks becoming an oil importer over the next decade unless the country accelerates upstream exploration, especially in the Amazon River basin, according to Shell and state oil and gas firm Petrobras. The NOC expects its production to peak at 4.6m boe/d in 2028, before pre-salt production starts to gradually decline. Barrels from the region already account for 80% of Petrobras’ portfolio and are projected to remain the core driver of domestic crude growth through to the end of the decade. “While medium-term growth remains robust, Brazil’s portfolio of large-scale developments is thinning and requires replenishment” Fagundes, Welligence Extra platforms at Buzios, the world’s lar
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