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84% increase in oil production by 2027 in ES should leverage the economy and collect royalties
The oil industry in Espírito Santo should experience significant growth in the coming years, with a projection of an 84% increase in offshore oil production by 2027, as pointed out by the 6th edition of the Yearbook of the Oil and Natural Gas Industry in ES. In addition, natural gas production is expected to grow by an average of 97% annually over the same period. That is why there is a position against the tax increase in the state at this very important moment.
Initiatives and investments in the sector
Findes, the Industry Observatory and other institutions collaborated in preparing the Yearbook, which highlights projects and investment prospects of R$8,8 billion by 2027.
Companies such as Petrobras, Shell, Seacrest Petróleo, Imetame, EnP, PRio, Repsol and Equinor are involved in these investments.
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Cris Samorini, president of Findes, says that new companies and investments in the sector, both at sea and on land, will boost production in Espírito Santo, creating opportunities for industry and the local economy.
Reversal of decline in oil and natural gas production
Marília Silva, chief economist at Findes and executive manager of the Industry Observatory, explains that from 2025 onwards, a reversal of the decline in oil and natural gas exploration is expected. Offshore oil production is expected to jump from the current 47,7 million barrels per year in 2022 to 87,8 million barrels per year in 2027. Natural gas production is expected to double from 1,2 billion m³ in 2022 to 2,4 billion m³ in 2027.
In 2023, offshore production is expected to recover, overcoming operational problems that affected the sector's performance in the previous year. However, in 2024, a drop in offshore production is projected due to the natural decline in production.
A significant change is expected between 2024 and 2025, when Petrobras should start to operate a new platform at Parque das Baleias (FPSO Maria Quitéria) and PetroRio (PRio) plans to start extraction in the Wahoo field.
The Petrobras and PRio projects aim to increase the oil and gas recovery factor by optimizing the current drainage network and interconnection of a new FPSO.
The expectation is that the new Petrobras platform will start operating in the last quarter of 2024, while PRio intends to drill four producing wells and two injectors, with the first oil scheduled for the first half of 2024.
The projected growth in the production of oil and natural gas in Espírito Santo demonstrates the potential of the industry in the region and the fundamental role of investments and partnerships between the main companies in the sector. The increase in offshore production and the reversal of the decline in oil and natural gas exploration by 2027 should bring significant benefits to the local economy and boost the creation of jobs and opportunities in the region.
Sustainable development and future prospects
With increasing oil and natural gas production in Espírito Santo, it is crucial to ensure that development takes place in a sustainable and responsible manner, taking into account the environment and the well-being of local communities.
The adoption of more efficient and sustainable technologies and practices, as well as collaboration between companies, governments and organizations, will be fundamental to guarantee a more prosperous and sustainable future for the oil and gas industry in Espírito Santo.
Innovation and diversification in the energy sector
The energy sector is undergoing a global transformation, with increasing demand for cleaner and more sustainable energy sources. As the oil and gas industry in Espírito Santo prepares to grow in the coming years, it is essential that the region also explore and invest in other forms of energy, such as solar, wind and biomass energy.
This diversification can help create a more resilient and sustainable energy matrix, in addition to generating new business and job opportunities in the region.
In summary, the projected growth in oil and natural gas production in Espírito Santo until 2027 represents a significant opportunity for the industry and the local economy.
However, it is crucial to ensure that this development takes place in a sustainable and responsible manner, with investments in more efficient technologies and practices, as well as diversification and innovation in the energy sector.
