Rio de Janeiro – Oil production will reach 5.5 million barrels per day in 2027, according to an estimate made by the director general of the National Agency of Petroleum, Natural Gas and Biofuels (ANP), Décio Oddone, during the 49th Brazilian Geological Congress in Rio de Janeiro.
June’s data shows that the Brazilian oil output reached 2.6 million barrels per day (bpd), while natural gas output reached 115 million cubic meters per day. In the assessment of ANP’s director general, one of the challenges of the sector for the next few years is to accelerate investments, plus optimize production and the recovery of reservoirs and attract the right investors for each sector.
Oddone remarked that long-term projects, which demand a large amount of resources, are a characteristic of the sector. The historical average between the signing of exploration contracts and the beginning of production is eight years offshore and six years onshore. “That’s why the recovery won’t be as fast,” he explained, estimating the recovery for the end of 2019 or the beginning of 2020.
Translated by Sérgio Kakitani
