The Brazil Oil, Gas & Energy Summit will present a unique platform for networking that will bring together future operators and service providers in the oil & gas industry of Brazil. New investors and service providers will meet with the government to find the best ways to capitalise on Brazil’s vast exploration potential and new midstream opportunities.
Why is 2021 the best year to enter Brazil?
Brazil is the 12th largest oil producer globally, with a daily production of more than 2.73 million barrels of oil. Brazil has the potential to surpass its competitors in the next decade, as its production is increasing by 5% every year. The country has the second-largest oil reserves in South America, with 12.6 billion barrels of proven oil reserves discovered already.
Brazil is rapidly becoming a major producer of natural gas, with its production growing more than 12.5% every year. The country produces more than 27.5 bcm, and has more than 400 bcm of proven reserves.
Major IOCs and key regional players are investing in Brazil, creating extensive midstream opportunities, such as new pipeline network projects for storage and transportation of hydrocarbons. With 94% of oil reserves and 84% of gas reserves being located offshore, many opportunities are open for companies providing offshore services.
New opportunities are opening for service providers, as Brazil is investing in increasing the life cycle of mature fields, acquiring new recovery technologies, and enhancing the oilfield recovery factor.
ANP is providing a new wave of incentives for IOCs, including reduction of royalties for the exceeding production; extension of the production phase, and incentivizing the assignment of rights of fields in order to maximize the recovery factor.