Brazil's private sector will increase oil production by 75%

According to the oil price network on July 22 news, global research and consulting group Wood Mackenzie predicts that by 2030, the oil production of private oil companies in Brazil will increase from 1.221 million barrels per day to 2.123 million barrels per day, an increase of 75%. Wood Mackenzie said international oil companies such as Shell, Equinor, Total Energy, Repsol Brasil and Gasol Portugal will be the top producers thanks to their partnership with Petrobras on pre-salt and fields under development.

Petrobras is also expected to grow production at a breakneck pace, with production expected to rise 61 percent from 2.15 million barrels per day this year to 3.46 million barrels per day in 2030. Last year, the oil and gas giant announced that investments for 2023-2027 would increase by about 15 percent from the company's projected spending for 2022-2026 to $78 billion. Of the $78 billion capex plan, 83 percent ($64 billion) is for E&P activities, while 67 percent of the E&P capex budget will be for pre-salt activities.