Petrobras and smaller Brazilian independents are bullish in production forecasts
Brazilian upstream reaps divestment dividend
Petrobras is starting to see significant production gains in the pre-salt, while independents are already raising output at fields divested by the NOC
The Brazilian presidential election in October will pit incumbent right-wing populist Jair Bolsonaro against left-leaning challenger and former president Lula da Silva. On the oil side, whoever takes office is poised to inherit a heady mix of upstream consolidation and bullish production forecasts. NOC Petrobras is leading from the front with a strong focus on output growth from the pre-salt. Planned ramp-ups in production from the P-68 platform—at the Berbigao and Sururu offshore fields—and a new floating production, storage and offloading (FPSO) vessel at the Sepia offshore field, both in the Santos basin, should add 55,000bl/d of capacity to the company’s portfolio this year. The firm i
Also in this section
18 June 2025
Egypt’s government was already preparing for potential energy shortages this summer, and the loss of Israeli gas supply has made things worse
18 June 2025
Eni is joining the first phase of the 30mt/yr ARGLNG, while consortium behind the smaller Southern Energy LNG has reached FID
17 June 2025
Israel’s attack on Iran caught oil firms with low inventories due to their efforts to protect themselves from falling prices, creating a perfect storm
17 June 2025
Sound development planning is essential in this diverse and rapidly evolving region
