Back toour markets

Brazil's Energy Industry


in figures

Oil reserves11.9 billion barrels

Oil production2.99 million bopd

Gas reserves300 bcm

Gas production24.3 bcm

Brazil: A Model for Offshore Development

Brazil’s oil and gas industry has grown significantly due to the country’s massive hydrocarbons potential. The nation has the second-largest reserves in South America after Venezuela, with more than 95% of its oil and gas offshore. The nation boasts the largest recoverable ultra-deep oil reserves in the world, with the International Energy Agency forecasting that 50% of the world’s offshore oil could come from Brazil in 2040.

The industry is overseen by the National Agency of Petroleum, Natural Gas and Biofuels, known as ANP, which hands out exploration and production licences and ensures compliance with state regulations. Hydrocarbons are produced predominantly by Brazilian NOC Petrobras. The company held a monopoly on the industry for around 40 years until the market opened up in 1997. Since then, the sector has attracted super-majors such as Shell, BP, Chevron and Exxomobil and local independents.

A rise in production from the prolific Santos and Campos basins has also played a part in attracting IOCs to Brazil’s downstream sector. To attract FDI and participation in the market, Petrobras recently began selling off a predominant part of its refining capacity. While Petrobras remains the largest player in the local downstream sector, it has been joined by international players Repsol, Shell and Chevron.

Due to the country’s large size, a vast pipeline infrastructure is necessary to link the various oil-producing regions, refineries, terminals and distribution points. Most of the country’s pipelines are located in the southeast and northeast of the country. The nation’s midstream sector is supervised and controlled by the National Centre for Logistics Management.

While still one of the world’s largest oil and gas producers, Brazil’s renewable energy sector has seen titanic growth and accounts for around 80% of the country’s energy mix, predominantly through its hydropower stations and biofuels and waste facilities. Brazil is the third largest hydroelectricity producer after China and Canada. The government is looking to grow the mix of solar and wind facilities to meet its large potential and avoid losses caused by droughts.

Galp confirms 10 billion barrels at Namibia Mopane discovery
Namibia - April 22, 2024

Galp Energia has confirmed more than 10 billion barrels of oil equivalent at the Mopane discovery offshore Namibia.

Perenco takes two Petrobras oilfields in Brazil
Brazil - April 19, 2024

Petrobras sells its stake in the Cherne and Bagre offshore oilfields to Perenco for $10 million.

SLB secures three Petrobras offshore contracts
Brazil - April 16, 2024

SLB has been awarded three contracts by Petrobras for completion hardware and services in the offshore Buzios oilfield.

Petrobras announces new Potiguar Basin oil discovery
Brazil - April 10, 2024

Petrobras has announced a new oil discovery in the ultra-deepwater Potiguar Basin offshore Brazil.


Brazil maps

Exploration and Production in Brazil’s Pre-Salt Polygon 2019

    MODEC wins FEED works for Brazil FPSO
    Brazil - April 01, 2024

    MODEC has won a contract to provide FEED for Shell's Gato do Mato FPSO off Brazil, set to produce from an deepwater reservoir.

    Westlawn joins Enauta in $1.5-billion Brazilian block
    Brazil - March 25, 2024

    Westlawn has bought a 20% stake in BS-4 block offshore Brazil from Enauta for $300 million.



    ASK US

    • Do you have a question for The Energy Year about oil and gas?
    • If we know, we’ll tell you.
    • If not, we’ll ask the experts in the field.