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Increase In Pre-Salt Production Generates R$ 5.7 Billion Extra For The Government In 2025. PPSA Prepares Restructuring And Creation Of A Directorate Dedicated To Natural Gas, Aiming For Production Expansion Until 2029.
The rise in pre-salt production has brought unexpected relief to public accounts. According to the latest bimonthly report from the Ministries of Finance and Planning, the government will have R$ 5.7 billion additional in 2025, resulting from the growth in oil royalty revenues.
Nevertheless, fiscal challenges remain. Despite the boost from the pre-salt, the budget freeze has risen to R$ 12.1 billion due to increased mandatory spending. Still, the influx of new revenues alleviates some pressure on the budget.
Auctions And Contracts Drive Revenue
This boost complements the increase of R$ 17.9 billion projected in July, when the government included in its calculations the holding of an auction in December for volumes yet to be contracted in the pre-salt. The direct sale of Union oil and the individual production agreement for the Jubarte field in the Campos Basin also played a role.
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Under kilometers of water, rock, and salt, Brazil hides a colossal wealth that led an official guide from the U.S. government to recognize the country as the owner of the largest ultra-deep oil reserves in the world.
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Iran said that the Strait of Hormuz is open, but in practice only 1 non-Iranian oil tanker managed to cross in 24 hours — before the blockade, 100 ships passed per day.
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Petrobras completes 1,300 hours of work and 15 km of subsea lines to connect the Búzios 90 well to the P-79 — the platform is ready to produce 180,000 barrels per day and is just awaiting ANP approval.
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Iran declares the Strait of Hormuz completely open this Friday, and the price of oil plummets nearly 10% in a few hours — the largest drop since the beginning of the conflict.
It was precisely this movement that allowed the government, at the end of July, to reduce the spending freeze and release R$ 20.6 billion from the budget. Oil, once again, proves to be a strategic ally for public finances.
PPSA Aims For Expansion And Invests In Natural Gas
The growth in production also generates impacts within PPSA (Pré-Sal Petróleo S.A.), the state-owned company responsible for managing sharing contracts. The company is preparing a restructuring with the creation of a new directorate focused on natural gas, separating this function from the area currently responsible for the commercialization of Union oil.
The measure aligns with the government’s strategy, which is already planning an auction in 2026 to commercialize the portion of natural gas belonging to the Union. The expectation is to use this resource as a way to inject gas into the Brazilian market at more competitive prices.
According to PPSA, oil production under sharing contracts is expected to double between 2024 and 2029, increasing from 1 million to 2 million barrels per day. The highlight, however, is natural gas: extraction is expected to quintuple, reaching 16.8 million m³/day in the same period.
This leap will be made possible by the operation of at least six new platforms in the Búzios field, located in the Santos Basin. Petrobras, a central partner in the pre-salt, has been accelerating schedules to bring forward both production and the associated cash flow.
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