BAKU, Azerbaijan, Sept.14
By Leman Zeynalova – Trend:
Brazil will account for almost half of crude oil and condensate production in Americas in 2025 with 1,350 thousand barrels per day, Trend reports with reference to GlobalData.
The company forecasts Brazil to produce 1,164 mbd of crude and condensate in 2025 from planned projects, while 364 mbd is set to come from early-stage announced projects.
In Brazil, Bacalhau, Itapu (Florim), and Buzios V (Franco) are some of the key projects that are expected to collectively contribute about 39 percent of the crude and condensate production in 2025.
Svetlana Doh, Oil & Gas Analyst at GlobalData, noted that one of the reasons for the success of Brazil’s oil and gas industry is that the country has a relatively liberalized oil and gas sector by comparison to other Latin American countries that are struggling to find cash to finance their exploration programs.
Brazil is now the seventh-largest crude oil producer in the world, and the largest in Latin America, having superseded both Venezuela and Mexico. The country produced an average of 2.94 million barrels of oil per day in 2020, 5.5 percent higher than 2019 output of 2.785 Mb/d.
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