Brazil posts record oil and gas production   

Oil and gas production in Brazil reached a record level for a single month in July, beating the previous record set in June, oil regulator ANP revealed this week. 

Output totaled 4.48 million barrels of oil equivalent per day last month, data showed. Crude production alone rose by 18.6% on a yearly basis to 3.51 million barrels per day (bpd). 

Natural gas production climbed by 13.6% to 154.08 million cubic meters per day, the regulator added.     

Private oil companies will boost Brazil’s crude production by as much as 75% from 1.221 million bpd this year to 2.123 million bpd by 2030, research and consultancy group Wood Mackenzie previously predicted.     

International oil majors such as Shell, Equinor, TotalEnergies, Repsol Sinopec Brasil S.A., and Petrogal are expected to be among the top producers due to their partnerships with state-run Petrobras in pre-salt fields, according to Wood Mackenzie.     

First explored in 2006 by Petrobras, the Brazilian pre-salt region is an oil-rich offshore reserve trapped below a 2,000m-thick layer of salt. It has attracted significant investment from major oil firms in recent years.     

Petrobras is set to boost production at an accelerated pace, meaning output is expected to jump by 61% from the current 2.15 million bpd to 3.46 million bpd by the end of the decade.     

Last year, the Brazilian oil and gas major announced that it would increase its investment for 2023-2027 by about 15% to $78 billion. The company is planning to spend $64 billion of that amount on exploration and production activities.

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