Oil likely to close out the year as Brazil’s main export
The Brazilian Institute of Oil and Gas on Monday (Dec. 16) reported that oil is on its way to closing the year as the main product on Brazil’s export list for the first time in this time series, which began in 1997.
Brazil exported $42.8 billion in oil from January through November, ahead of soybeans and iron ore. As per the institute’s estimates, oil should total $47 billion in exports by the end of the year.
The projected production for 2025 is 3.6 million barrels of oil per day. As it stands today, production amounts to 3.4 million barrels of oil per day.
“This increase in production is the maturing of pre-salt investments, the entry of some pre-salt FPSOs [floating production, storage, and offloading],” said the institute’s president, Roberto Ardenguy.
The federal government is also likely to receive nearly BRL 600 billion in royalties, special shares, and oil sales from the sector over the next four years.
New production areas
Among the new exploration areas, the institute highlighted the Pelotas basin, which covers some 40,900km² in the states of Rio Grande do Sul and Santa Catarina. On Brazilian territory, the basin stretches from Alto de Florianópolis in the north—the geological boundary with the Santos basin—to the border with Uruguay in the south.
Petrobras, in partnership with Shell, has signed 26 concession contracts with the national oil agency ANP to explore the basin. The consortium is to be operated by Petrobras with a 70 percent stake and Shell with 30 percent, with an expected investment of BRL 1.5 billion.
On the Equatorial Margin, which comprises five sedimentary basins—Pará-Maranhão, Barreirinhas, Ceará and Potiguar, as well as the Foz do Amazonas—potential exists for an additional 1.106 million barrels of oil per day to national production from 2029.
