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
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
9 December 2025
The group’s oil production declined in November, our latest analysis finds, amid divided sentiment over market balances and geopolitical jitters
8 December 2025
The Caribbean country’s role in the global oil market is significantly diminished, but disruptions caused by outright conflict would still have implications for US Gulf Coast refineries
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
