Brazil’s Petrobras is on track to become the world’s largest oil producer among publicly listed companies by 2030, based on Rystad Energy’s latest data and forecasts.
Brazil’s biggest-ever oil auctions in November were generally deemed to be disappointing, receiving muted interest from international exploration and production companies.
However, national oil company Petrobras could not have asked for a better outcome. The world’s fastest growing oil producer gained nearly full control of more than eight billion barrels of oil in the Buzios field, where a sixth floater is being planned. To develop these and other resources off the coast of the South American country, Brazil is set for a whopping $70 billion offshore capital investment spree between 2020 and 2025, solely on field development. This program will have a monumental effect on Petrobras.
"Petrobras can, in a matter of years, become the world’s largest oil producer among publicly listed companies. The significance is huge and symbolic," commented Aditya Ravi, vice president of Rystad Energy’s upstream team, specialized in E&P activities in Latin America. “We predict that Petrobras alone can boost its production numbers by more than 1.3 million barrels per day over the next decade.”
Learn more about UCube.
During the course of 2019, Petrobras has evolved from fifth place to become the third largest oil producer, reaching output of around2.2 million bpd in the third quarter. As it stands, Rosneft and PetroChinatop the list over the world’s largest public E&P companies.
Based on Rystad Energy’s latest forecasts, Petrobras could be poised to overtake PetroChina over the next few months, and potentially dethrone the ruling Russian producer Rosneft over the next decade, thanks in no small part to its latest acquisitions.
Brazil’s production could be pushed from 2.8 million bpd in 2019 average to over 5.5 million bpd thanks to Petrobras’ potential peak output of almost 3.8 million* bpd by 2030.
Brazilian officials recently indicated the country wishes to join OPEC, the oil cartel dominated by Saudi Arabia and 13 other oil producing countries. Brazil’s current output would make it OPEC’s third-largest producer, behind Saudi Arabia and Iraq.
“Joining OPEC could cause a major disruption for Brazil, bringing the country into the spotlight with the potential risk of having its wings clipped by the cartel just as production takes off,” Ravi cautioned.
This potential shift in ranking has been spurred on in the aftermath of the three Brazilian licensing rounds organized over the past five weeks by the National Petroleum Agency (ANP), in which 45 blocks were on offer. With only one-third of the blocks receiving bids, the rounds raised concerns that Brazil lacks the luster that in the past ensured active and competitive bid rounds. In the wake of these rounds, the Brazilian Energy Minister remarked that the current legal and tendering structure could warrant a re-think, including a look at Petrobras’ pre-emptive rights on oil blocks. Others have voiced dismay over the steep signature bonuses.
*Note: This number accounts for a commercial discovery at Aram.
New NOAA Report Examines National Oil Po
Foundocean to Pile Grout the World's Lar
Live Feed from the E/V Nautilus: ECOGIG
Teledyne Oil & Gas Announces the Release
New Exploration Opportunity - Offshore M
International Conference Set to Discuss
OceanGate Inc. Dives on Oil Platform for
Study Describes How an Oil Slick Could I
Explore The World’s Oceans for Free with
Kongsberg Maritime Delivers First Set of
NOC Scientists Explore World’s Largest U
Building the World’s Most Advanced Deep-
Gas and Oil Discoveries in the Askja Pro
Professor and Graduate Students From Nov
MacArtney Set for Record Breaking Growth
Tracking the Last Mile Before Oil Meets
OIL & GAS UK Discuss New Offshore Well I
New £8 Million Training Center for the O
Deepwater Horizon: Identifying Harmful E
A Quantum Change in Offshore Oil and Gas
When Whales and Oil Rigs Meet
New Tool Available to Help Track Spilled
Scientists Train the Next Generation on
DeepWater Buoyancy Delivers Flotation Te
Florida State University: Researchers Fi
Tankers Stack Up in Port of Houston in W
New Study Shows Heart Abnormalities in F
Osiris Marine Services Completes World’s
Gas and Oil Discovery in the Valemon Are
Total Discovers Oil in Deep Offshore Ivo
CSA GeoPortal Aids Rapid Oil Spill Respo
NOAA Ships Set Sail for 2014 Hydrographi
Study Evaluates Synthetic Aperture Radar
Broad collaboration to set an industry s
Sonar Could Spot Oil Spills Hidden by Ar
Joint Finnish-Swedish Surveillance Opera
Secretary Jewell Announces Award of Firs
CSA Conducts Substantial Sediment Profil
FAU Signs Lease to Install World’s Firs
Nation’s Largest Offshore Wind Energy Ar
Could Florida´s Ocean Currents Become a
Statoil Opens New Research Center – a Mi
CAMAC Energy Discovers Multiple Oil and
BW Offshore has signed contract with Pre
TE Connectivity’s DEUTSCH Wet-Mate Conne
Nautronix Commission Largest NASDive Dig
Shell announces first oil from Cardamom
Teledyne Oil & Gas Announces Record Cont
Xodus Group, Saipem and Chiyoda Join For
Cobham Ready to Set Sail with Volvo Ocea
BMT Appoints New Sales Manager for Offsh
MTN Builds Houston Team to Expand on 20
Highly Distributed Oil & Gas Workforces
Guildford and Aberdeen Based Kongsberg O
DNV GL Win Multi Service Contract from M
Optech announces Titan, the world’s firs
Petrobras Adopts Reflex Marine's Frog-6
Sonardyne’s Ranger 2 commissioned for us
MacArtney and Alakaluf Set Sail for Chil
Okeanus Set to Represent MacArtney in Of
February - Feature Story - Teledyne Oil
Team Led by Paul G. Allen Locates One of
DeepOcean to Provide IMR Services to Pet
DeepOcean to Provide AUV Survey Services
The new DAQ Device from SAIL is set to R
ABB Wins Cable System Order for One of t
Geomarine Set to Represent MacArtney in
World's Largest Construction Vessel Read
LATC Marine Brings Next Generation Damen
Chesapeake Technology Announces Broad Se
Brazilian Offshore Oil Field Takes Nexan
Neptune Awarded 5-Year Offshore Diving C
Total and Shell Buy into Mid-Atlantic Cu
NOAA Announces New Deepwater Horizon Oil
Vsense Set to Bring MacArtney Underwater
Emerging Markets Communications Showcase
Global Marine Data to Become Unified and
Contract Award for the World’s Longest H
Contract Award for the World’s Longest H
Bob The Drifter Inspires Singapore Class
Elastec Launches New Offshore Oil Spill
BOEM to Offer Almost 22 Million Acres in
3D at Depth Transforms Upstream Oil and
Oceanica’s Petrobras Operations Get Enha
Egersund Group Sets New Record in Oil Sp
Venezuela Picks Falcon for one of Earth’
ALSEAMAR Successfully Completed First Ge
DONG Energy Acquires Full Control of one
Makai Connects World’s Largest Ocean The
Subsea 7 Awarded Contract Offshore UK by
Bibby Offshore Provides Lifeline to Oil
Harris CapRock Communications Provides O
Oil and Gas CEOs Jointly Declare Action
Horizon Geosciences Now the Largest User
CSA Ocean Sciences Completes One of the
Oil and Wind Have Joined Forces in DNV G
Modeling Study Quantifies Gas Bubbles Ef
Statoil to Build the World’s First Float
Falcon Best for Perenco Oil in West Afri
Ocean News & Technology is a publication of TSC
7897 SW Jack James Drive
Suite A, Stuart, FL 34997
(772)-221-7720