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The Government Program Is Called Reate 2020 and Will Be Launched This Thursday (22), Aiming to Almost Double Daily Production of Onshore Oil and Gas by 2030
The government, which is still pursuing the goal of lowering energy prices in Brazil, has taken a new initiative in the oil and gas sector. The Reate 2020 program (Revitalization Program for the Exploration and Production of Oil and Natural Gas in Onshore Areas) will be launched today (08/22).
The program aims to establish activities that contribute to increasing onshore oil and gas production, which would rise from the current 270,000 barrels per day to 500,000 barrels by 2030, with 67% of production coming from natural gas.
The government’s initiative comes with the concern of assisting a market that has been declining each year. Currently, onshore oil and gas production accounts for less than 10% of national production.
According to data from ANP, in September of last year, onshore fields were producing 274,000 barrels daily, and today production has already fallen to 235,000 barrels.
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The Secretary of Oil and Gas at the Ministry of Mines and Energy, Márcio Félix, spoke optimistically about the topic: “Due to the lower costs of gas produced on land, compared to pre-salt, we will experience a reduction of 30% to 40% in the prices currently practiced in Brazil. With the growth of onshore production, we will have new companies. The return is faster than offshore production”.
The Reate 2020
The program aims to create a more favorable environment for the establishment of tech-based startups for onshore oil and gas exploration and production.
Among the market-friendly measures is the number of onshore exploratory blocks to be offered permanently (which will happen in September), totaling 712 in 14 states. Another motivating factor is the return of areas that Petrobras is no longer interested in operating.
The program also envisions the creation of financing mechanisms to stimulate the entry of small and medium-sized companies into the sector, with the possibility for companies to use oil and gas reserves as collateral.
According to the government, these measures would attract increased investments, rising from R$ 1.6 billion to R$ 4 billion per year and generating 700,000 jobs, mostly in the Northeast.
The government’s expectation is that the number of companies operating in the sector will increase from 50 to 500, due to the high demand from private companies willing to participate in the increase of gas production from mature fields.
According to Anabal dos Santos Júnior, Executive Secretary of the Brazilian Association of Independent Oil Producers (ABPIP), “In recent years, we have seen the progress of investments from various companies such as Eneva, Rosnefet, Petrorecôncavo, among others. These companies are responsible for advancing production in the interior, generating income and jobs”.
The government is working with ambitious targets, estimating that natural gas production from these fields will jump from 25 million cubic meters per day to 55 million, which is almost double the current 30 million cubic meters imported daily from Bolivia.
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