Brazil Expects to Become the Fourth Largest Oil Producer in the World in the Next 9 Years; Petrobras Expects More Market Competition to Achieve the Goal

Written by Fabio Lucas Carvalho Published on 06/08/2021 at 07:05

Centro de Distribuição da Petrobras no SIA, Terminal Terrestre de Brasília, onde se armazena e distribui produtos da companhia para os postos de combustíveis do Distrito Federal. Marcello Casal JrAgência Brasil Local: Brasília-DF

Brazil Has a Series of Actions That, If Done Correctly, Can Make the Country Jump in the Global Oil Production Ranking

Brazil currently holds a very important position in the production and export of oil worldwide. Occupying 7th place at present, Brazil hopes to reach fifth or fourth place by 2030. José Mauro Coelho, Secretary of Oil, Natural Gas and Biofuels at the Ministry of Mines and Energy, gave an interview to TV Brazil, where he highlighted Brazil’s plans to reach this ambitious goal in the next 9 years.

One of the important measures that will help Brazil soar in the global oil production ranking is the much-anticipated second phase of the auction of the Surplus Transfer (surplus of oil and gas volume that the Union ceded to Petrobras (PETR4), where the fields of Sépia and Atapu will be auctioned.

“We have seen in recent years a declining production from onshore fields and mature offshore fields but in the pre-salt area,” said Secretary José Mauro Coelho.

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Brazil has a series of actions that if done correctly, can make the country jump in the global oil production ranking. Photo: Fábio Pozzebom/ Agência Brasil
Location: Brasília — The Secretary of Oil, Natural Gas, and Biofuels at the MME, José Mauro Coelho, participates in Voz do Brasil. Photo: Pozzebom/ Agência Brasil

The secretary also highlighted Petrobras’ plan to sell eight oil refinery assets. José Campos believes that increased competitiveness and concentration of power in Petrobras could bring many benefits to the sector.

“The federal government wanted to work on opening the market, so that the market would have greater competition, more dynamism, and a greater plurality of agents, and of course, this brings benefits to the Brazilian consumer. This competition has the potential to lead to a price reduction,” he said.

José Campos also highlighted Brazil’s goal of increasing the use of renewable fuels from 25% to 30%. The projection is also ambitious but can further highlight Brazil in the sector. Watch below the complete interview with José Mauro Coelho.

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Brazil Expects to Become the Fourth Largest Oil Producer in the World in the Next 9 Years; Petrobras Expects More Market Competition to Achieve the Goal

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