The Brazilian National Oil, Gas and Biofuels Agency (ANP) has released 5-year forecasts on hydrocarbon production and investments. Investments in oil and gas activities are expected to accelerate between 2019 (nearly BRL50bn, i.e. more than US$12bn) and 2021 to BRL 116bn (around US$29bn), before declining until 2023 to nearly BRL 35bn (US$8.7bn). Overall, more than BRL 326bn (US$82bn) will be invested over the 2019-2023 period.
Most of the investment (97%) will be directed to offshore areas, since 97% of total oil production and 85% of natural gas production will come from offshore areas in 2023. Total oil and gas production is expected to increase by 6.5%/year between 2019 and 2023.
Estimates include hydrocarbon production, drilling and development of production wells, commissioning of new stationary production units offshore. The forecasts reflect the information declared by operators to ANP in the Annual Work Program (PAT) and the Annual Production Program (PAP).