Fuel Market Expansion: Offshore Oil Production in Espírito Santo Expected to Grow 84% by 2027, Says Petroleum and Natural Gas Industry Yearbook in ES

Written by Ruth Rodrigues

Published on 28/04/2023 at 10:44

Foto: Wilson Sons

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The 6th Edition of the Oil and Natural Gas Industry Yearbook in ES Points to Strong Growth in the Offshore Oil Market in Espírito Santo. The Expectation is for R$ 8.8 Billion by 2027 in Investments for Production Expansion in the State.

Launched last Monday (04/24), the 6th Edition of the Oil and Natural Gas Industry Yearbook in ES projects an 84% growth in production of offshore oil in Espírito Santo by 2027. As for the natural gas market, the annual production expansion is expected to reach 97%, driving the socioeconomic development of the state in the coming years.

Offshore Oil and Natural Gas Market in Espírito Santo Prepares for Intensive Growth Over the Coming Years

According to the 6th Edition of the Oil and Natural Gas Industry Yearbook in Espírito Santo, launched this Monday at the Palácio Anchieta in Vitória, offshore oil production in the state is expected to increase by 84% by 2027 compared to 2022.

The document also projects an average annual increase of nearly 97% in natural gas production in the same period in the capixaba market.

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The Yearbook is produced by the Findes Industry Observatory, with support from Sebrae, the Capixaba Oil, Gas and Energy Forum (FCPGE), the National Organization of Oil Industry (Onip), and the Brazilian Institute of Oil (IBP).

It brings together the most important data and analyses of the sector and presents a projection of oil and gas production in the next five years. The current edition demonstrates a strong potential for expansion in the state’s production capacity.

According to the president of Findes, Cris Samorini, the planned projects will contribute to the increase in extraction and mentioned that the Yearbook contains investment prospects of R$ 8.8 billion by 2027, involving companies like Petrobras, Shell, Seacrest Petróleo, Imetame, EnP, PRio, Repsol, Equinor, and others.

“With new companies and investments offshore, as well as onshore, we will once again see capixaba production growing, and knowing this, we can take advantage of the opportunities that arise,” said the expert.

Experts of the Offshore Oil and Natural Gas Market Project Great Results in Espírito Santo After New Yearbook Launched

In addition to Cris Samorini, other experts in the offshore oil market highlighted the high potential of Espírito Santo in the coming years.

The chief economist of Findes and executive manager of the Industry Observatory, Marília Silva, explained that starting in 2025, a trend of reversal in the decline of both oil and natural gas exploration is expected.

The Yearbook indicates that oil extraction at sea is expected to increase from the current 47.7 million barrels per year in 2022 to 87.8 million barrels per year by 2027.

In the case of gas, production is projected to rise from 1.2 billion m³ in 2022 to 2.4 billion m³ in 2027. Meanwhile, the Business Environment Manager of the Findes Industry Observatory, Gabriela Vichi, commented on Petrobras’s project in the region.

“The expectation is that the new platform will be operating in the last quarter of 2024. PRio intends to drill 4 production wells and 2 injectors, with the first oil expected in the first half of 2024,” she said.

Thus, the projections for the future of offshore oil and natural gas production in Espírito Santo demonstrate strong optimism from the regional market.

Fuel Market Expansion: Offshore Oil Production in Espírito Santo Expected to Grow 84% by 2027, Says Petroleum and Natural Gas Industry Yearbook in ES

The 6th Edition of the Oil and Natural Gas Industry Yearbook in ES Points to Strong Growth in the Offshore Oil Market in Espírito Santo. The Expectation is for R$ 8.8 Billion by 2027 in Investments for Production Expansion in the State.

Offshore Oil and Natural Gas Market in Espírito Santo Prepares for Intensive Growth Over the Coming Years

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Experts of the Offshore Oil and Natural Gas Market Project Great Results in Espírito Santo After New Yearbook Launched

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Fuel Market Expansion: Offshore Oil Production in Espírito Santo Expected to Grow 84% by 2027, Says Petroleum and Natural Gas Industry Yearbook in ES

The 6th Edition of the Oil and Natural Gas Industry Yearbook in ES Points to Strong Growth in the Offshore Oil Market in Espírito Santo. The Expectation is for R$ 8.8 Billion by 2027 in Investments for Production Expansion in the State.

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