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Brazilian E&P boom increases investment opportunities
02/19/2007
Oil and gas exploration and production activities in Brazil will increase in the upcoming years as the country beefs up its self-sufficiency efforts. Foreign companies alone are expected to invest $25 billion in E&P during 2007-11.At least 20 new platforms will be operating by 2010-13 in the Campos basin, which is responsible for 80% of the country’s production. Production from the basin averages 1.8 million b/d of oil.Offshore E&P contributes 81% of Brazil’s oil and gas production. About 90% of Brazil’s proved oil reserves are offshore, with 64% of the concession areas in deep and ultradeep waters, according to state-owned Petroleo Brasileiro SA (Petrobras). Res...
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