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Brazil's oil production rose by nearly 13% in 2023 and gas output by 8.7%

According to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP), Brazil's average oil and gas production rose to record high levels in 2023, with crude oil production soaring by nearly 13% to over 3.4 mb/d and natural gas production growing by 8.7%. Most of the national production (over 75%) came from the Brazil’s pre-salt, an oil-rich offshore region off the country’s southeastern Atlantic coast, especially in the Santos basin, and in the Campos basin; gas production is dominated by Santos (75%), Solimões (9%) and Campos (9%) basins. The Brazilian oil and gas company Petrobras was the largest oil and gas producer in Brazil, accounting for 87% of oil production and 91% of gas production in December 2023.

In late January 2024, Petrobras announced new oil and gas production records in 2023, reaching a total production of 2.78 mboe (including 2.17 mboe in the pre-salt), representing a 3.6% increase compared to 2022 levels. In 2023, the company started several projects, with four new platforms on stream, namely FPSO Anna Nery and Anita Garibaldi at the Marlim field, FPSO Almirante Barroso at the Búzios field, and FPSO Sepetiba at the Mero field.

In 2022, Brazil was the largest oil producer in Latin America and the 9th largest oil producer in the world. The Brazilian Ministry of Mines and Energy (MME) aims to promote international investments in oil and natural gas exploration in a bid to boost regional development and strengthening Brazil’s position as one of the largest oil producers in the world.