The Brazilian Ministry of Mines and Energy plans to launch the Potencializa E&P program, which intends to guarantee investments in oil and natural gas exploration and turn Brazil into the fourth largest oil producer in the world with an output of 5.4 mb/d in 2029 (+80% compared to 2021 level). About 80% of the oil production in 2029 is expected to come from pre-salt areas. The initiative will target critical points for the development of exploration in frontier areas and encourage investments in mature fields or marginal economic ones.
The resumption of environmental licensing for E&P projects on the equatorial margin may have the potential to generate state revenue of US$200bn, if 10 Gbl of oil were discovered and produced in the region.
In 2021, Brazil was the ninth largest oil producer in the world with an output of 3 mb/d. The country has proved oil reserves estimated at 12 Gbl.