English 
Spanish 
3 min read
0 comments
Discover how offshore exploration is transforming the oil and gas sector in Brazil with impressive advances and strategic challenges.
Oil and natural gas exploration in Brazil undoubtedly surprised in 2024. With a significant increase in the number of blocks contracted and the area explored, the offshore market shows clear signs of reaction. However, it is important to highlight that challenges still remain, requiring, therefore, increased attention and strategic actions to consolidate these advances and mitigate the obstacles that still exist.
Main advances and results
First, it is essential to highlight that the number of offshore exploration blocks reached 144 in 2024, which represents an impressive jump of 44% compared to 2023. In addition, it is necessary to note that the national portfolio totaled 422 blocks, growing 68,12% compared to the previous year. Furthermore, the offshore explored area increased by 40,25%, reaching 108 thousand km² and corresponding to 60,2% of the total explored area in the country. Thus, these data reinforce the relevance of the expansion recorded in the sector and indicate that offshore exploration has gained increasing prominence.
Investments and well drilling
On the other hand, despite the advances observed in the overall figures, it is undeniable that well drilling has not kept up with the same growth rate. Only six wells were drilled offshore in 2024, thus representing a slight increase in relation to the five in the previous year. However, it is important to highlight that the total investment exceeded R$9,97 billion, with R$8,5 billion earmarked exclusively for drilling. However, difficulties such as the lack of new auctions and constant delays in environmental licenses still compromise the sector's performance, which requires quick and effective actions to reverse this scenario.
- With the major discovery of 13 oil reservoirs, the country is preparing to enter the select group of African producing countries, with the potential to revolutionize its economy
- Petrobras is being sued and could lose billions after decision that could lead to mass layoffs
- $323 million oil rig runs aground after storm, video shocks offshore world in Tunisia
- Petrobras can celebrate! Exploration of new pre-salt layer that promises to yield BILLIONS of barrels of oil for the state-owned company should finally be authorized, says minister
Highlight on sedimentary basins
In the main Brazilian basins, the contracted blocks are undoubtedly well distributed, which demonstrates the diversity and potential of the national territory. For example, it is worth mentioning that in the Pelotas Basin, 44 blocks cover 28,6 thousand km², led by Petrobras e Chevron. In the Santos Basin, 32 blocks total 29 km², with Shell and Petrobras standing out. In addition, in the Campos Basin, 15 blocks represent 14,5 km², while the Espírito Santo Basin has ten operational blocks. Finally, the Foz do Amazonas, with nine blocks, is still awaiting environmental approval, which highlights the need for greater speed in regulatory matters.
Future perspectives
Since 2021, the Permanent Offer has in fact been the main alternative to advance oil and gas exploration. However, new auctions and solutions to environmental barriers are undoubtedly crucial to further boost the sector. The Equatorial Margin, for example, is an opportunity eagerly awaited by several market players. Thus, while Brazil remains a relevant player in the global market, advances in environmental licensing and more robust investments will be made, with emphasis on the Sedimentary Basins.
In the main Brazilian basins, the contracted blocks are undoubtedly well distributed, which demonstrates the diversity and potential of the country. For example, it is worth mentioning that in the Pelotas Basin, 44 blocks cover 28,6 thousand km², led by Petrobras and Chevron. In the Santos Basin, 32 blocks total 29 thousand km², with Shell and Petrobras standing out. In addition, in the Campos Basin, 15 blocks represent 14,5 thousand km², while the Espírito Santo Basin has ten operational blocks. Finally, the Foz do Amazonas, with nine blocks, is still awaiting environmental approval, which highlights the need for greater speed in regulatory matters.
