Brasília – Investment in oil and gas industry research and development in Brazil saw a 66% increase in 2018 from 2017, from BRL 1.2 billion (USD 302 million) to BRL 2 billion (USD 503 million). The numbers are from the 4th edition of an industry overview (Anuário da Indústria de Petróleo no Rio de Janeiro: Panorama 2019) issued this Wednesday (7) by the Federation of Industries of the State of Rio de Janeiro (Firjan), quoting numbers from the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
The amount could increase further in years to come. National Oil Industry Organization (ONIP) CEO and Firjan Oil, Gas and Naval Industry manager Karine Fragoso said studies from the Brazilian Petroleum, Gas and Biofuels Institute (IBP) indicate that by 2025, over BRL 30 billion (USD 7.5 billion) are expected to go into development and innovation-oriented research.
Translated by Gabriel Pomerancblum
