Open as PDF
According to data from Brazil’s hydrocarbon regulator, Brazil extracted an average of 4.9 million barrels of oil equivalent per day in June. This is the largest volume of hydrocarbons that Brazil, Latin America’s top oil producer, has ever pumped. Crude oil output also reached a new record of 3.8 million bpd. Oil discoveries in ultra-deep waters off Brazil’s coast bode well for its plans to become a top-five global oil producer.
Petrobras, the national oil company, plans to invest $111 billion by 2029. It expects to drill more than 50 new wells and add 10 new floating production units, increasing its production capacity to 4.5 million bpd by 2029, 80 percent of which will come from pre-salt assets. Brazil also expects to attract more than $120 billion in investment by 2029, primarily in its pre-salt oil fields, where the average breakeven cost is below $40 per barrel. The low carbon intensity of Brazilian production also makes it appealing from an environmental sustainability perspective.
Geopolitical Futures (GPF) was founded in 2015 by George Friedman, international strategist and author of The Storm Before the Calm and The Next 100 Years. GPF is non-ideological, analyzes the world and forecasts the future using geopolitics: political, economic, military and geographic dimensions at the foundation of a nation.