Brazil's National Agency of Petroleum, Natural Gas and Biofuels (ANP) reports that the country's oil production is steadily increasing, projecting the country to become the world's fourth largest oil producer.
as corruption, mismanagement and malfeasance saw national oil company Petrobras laden with so much debt it was almost forced to declare bankruptcy. Since then, industry reforms and rationalization coupled with higher oil prices had reinvigorated the massive fossil fuel boom underway in Brazil, although it when left-wing President Luiz Inácio Lula da Silva assumed power.
During 2022, Brazil was ranked ninth globally by oil production, ahead of Kuwait and behind Iran, lifting an average of just over 3 million barrels per day. Suppose Latin America’s largest economy is to become the world’s fourth-largest oil producer. In that case, it will need to be pumping more than 4.5 million barrels of crude oil per day so as to overtake Canada, which currently holds that spot. Brazil’s energy ministry expects the country will be pumping 5.
Such a massive leap in oil output will be driven by expanding pre-salt oil production, which Brazil’s energy ministry believes will eventually be responsible for 80% of the country’s hydrocarbon output compared to around 77% at this time. For that to occur, there must be a significant increase in production which can only occur if energy investment and drilling expand substantially.
According to TotalEnergies, the project is a natural fit for its existing Brazilian assets and will boost a key growth lever for the company's pre-salt oil production.
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