Brazil Surpasses United States and Will Become World Leader in Offshore Oil Production in 2025 Reaching 768 Mb/d With Petrobras

With Petrobras, Brazil Will Be the Global Leader in Offshore Oil Production by 2025, According to GlobalData

On August 13, one of the largest companies in the energy intelligence sector, GlobalData, announced that large offshore oil projects will emerge for Brazil over the next few years (2021 – 2025). According to forecasts, it is expected that the country, together with Petrobras, will contribute approximately 23% of global production. This percentage corresponds to about 1.3 million barrels per day (mmbd). However, the projects are still being planned and announced.

When we mention that a project is being planned, we mean that it has already received a final investment decision (FID) from companies looking to develop it and is only waiting for the stipulated start date. Regarding announced projects, these serve to inform that the projects are still undergoing studies that precede the FID.

See More News:

• Petrobras Will Continue to Dominate the Deployment of Global FPSOs Over the Next Five Years
• International Energy Agency Predicts Sharp Decline in Oil Demand in 2021
• 1.2 Thousand Oil Wells Will Be Drilled by 2023, According to ANP
• Oil Production in Brazil Will Approach 4 Million Barrels Per Day by 2023
• Company Creates Water Condenser That Does Not Need Energy, Capturing Drinking Water 24 Hours a Day

So, What Are GlobalData’s Forecasts for Offshore Oil Production?

According to the statistical data released, by 2025, Brazil, represented by Petrobras, will achieve a value of 1.16 mmbd through offshore oil and condensate production. According to GlobalData’s forecasts, this amount will be raised through projects that have already been planned, which have had their studies defined and are only awaiting approval to be developed.

“A total of 29 crude oil projects are expected to commence operations in the country during 2021-2025. Of these, Bacalhau, Búzios V (Franco), and Tupi field are some of the major projects that should collectively contribute about 44% of the country’s oil and condensate production by 2025,” revealed GlobalData. For GD’s Senior Oil and Gas Analyst, Effuah Alleyne, even with countries highly strong on the list, Brazil has great chances of being the best in the future, thanks to Petrobras.

As shown in the chart, our country is the leader in the expected oil production for the coming years. Such results will only be possible thanks to the pre-salt layer in the Santos Basin, which has a vast and rich portfolio when it comes to offshore projects, mostly led by Petrobras. With these projects being developed, the economy will have much to gain.

Mainly with the barrel of oil costing an average of US $ 40 per barrel. If this trend continues, it is estimated that the chances of Latin America surpassing offshore production from North America are real and could happen by 2023.

United States Falls Behind in the Race for Offshore Oil Production

With a wide lead, Brazil takes the top spot in production results, leaving competitors such as the United States, Norway, China, and Nigeria behind. Regarding production, it is expected that by 2025, the U.S. will achieve a total of 655 mbd of crude oil. This would represent about 11% of the total offshore oil and condensate production in the estimated year.

In third place would be Norway. With its offshore projects, it would be possible to raise an equivalent of 508 mbd in crude oil production by 2025. As for the companies conducting the projects in each country, we have: Petrobras, China National Offshore Oil Corp, and Equinor ASA.

These are the largest companies and world leaders in offshore oil and condensate production. Achieving a total of 768 mbd, 371 mbd, and 331 mbd, respectively, by 2025, including planned and announced projects. Therefore, by 2025, Brazil will be the global leader in this segment, according to GlobalData.