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Lloyds List: Brazil expects oil firms to invest up to $133bn

Published: Jul 12, 2007

BRAZIL’s Energy and Mines Ministry expects oil companies will invest between $108bn and $133bn over the next 10 years in order to explore and produce hydrocarbons to meet growing demand and to increase exports.

State-run oil group Petrobras will continue to contribute the most in oilfield expenditure from now to 2016, but international companies will be increasing their spending, as more oil and gas fields are discovered and developed.

The energy ministry predicts oilfield investment will be $46bn and $55bn for 2007 to 2011 as most of the oilfield projects are driven by Petrobras’ $40bn investment.

International players Spanish firm Repsol, Anglo-Dutch major Shell, Norway’s StatoilHydro and US firms Chevron and Anadarko are involved in oilfield projects, mostly off the Brazilian coast.

London-listed BG Group and India’s Oil & Natural Gas Corp will also be involved in projects over the next five years, and others will be attracted by promisingnew projects. Brazil is self-sufficent in oil due to the large fields discovered and developed in deep waters off thecoast, but it is an importer of natural gas, so the government and Petrobras have focused investments on finding new gas projects.

Brazil produces around 1.9m barrels of oil per day, with around 85% to 90% coming from the prolific Campos basin off Rio de Janeiro. The government hopes new projects will increase output to 3m bpd by 2015. Most of the forecast Brazilian exploration and production expenditure is placed on the second half of the government’s 10-year plan.

By then, Petrobras will have developed the giant Roncador, Marlim Sul, Golfinho and Jubarte fields and started on a new generation of projects such as Cachalote, Papa-Terra and sub-salt oilfields in the Santos basin.

Although the ministry has not split its investment forecast into sectors, most of the offshore investment will be goingon new floating production systems,subsea equipment, pipelines and oilproduction wells. and its sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

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