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World’s largest oil producer to change by next decade

Oil&Gas Materials 20 November 2019 11:02 (UTC +04:00)
World’s largest oil producer to change by next decade

BAKU, Azerbaijan, Nov.20

By Leman Zeynalova – Trend:

Brazil’s Petrobras can, in a matter of years, become the world’s largest oil producer among publically listed companies, said Aditya Ravi, vice president of Rystad Energy’s upstream team, specialized in E&P activities in Latin America, Trend reports.

"We predict that Petrobras alone can boost its production numbers by more than 1.3 million barrels per day over the next decade,” said Ravi.

Rystad Energy’s analysis shows that 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.”

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 PetroChina top the list over the world’s largest public E&P companies.

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.

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Follow the author on Twitter:@Lyaman_Zeyn

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