Brazil: Oil and gas could receive USD 24 bn in investments

Agência Brasil
pauta@ebc.com.br

Rio de Janeiro – A survey released by the Brazilian Association of Petroleum Services Companies (ABESPetro) indicated investments by the oil and gas industry in Brazil could reach about USD 24 billion a year until 2025. The association’s executive secretary, Thelmo Ghiorzi, explained the amount is based on the investments Brazil could make in the coming years, of which the pre-salt drilling corresponds to 62% today. “It could reach 70% by 2030,” he said. The projects already approved total investments of USD 156 billion by 2030.

Considering the known reserves would be auctioned, with investments also being made in these areas, the Decennial Plan 2030, by the Brazilian Ministry of Mines and Energy (MME), published last year, estimates a potential of USD 415 billion in investments for the sector until 2030, highlighted Ghiorzi. “The number could be even higher,” he added. The study report, released this Wednesday (3), was prepared with the support of the Deloitte consultancy firm and has yearly editions.

The president of ABESPetro, Rodrigo Ribeiro, told Agência Brasil the investment amount established in the Decennial Plan represents the industry’s potential “if we make the right choices. The report seeks to translate the extraordinary moment we live in the industry, which is the moment of choices, of transformation.” Ribeiro recalled that, over the years, Brazil had over two decades of auctions, with an intermission of five years without tenders, which caused a “high cost” for the industry. The moment, according to him, does not allow any more wrong choices concerning the industry.

Ribeiro drew attention to the fact the world is repositioning itself concerning the power grid, in the context of the energy transition, on the one hand, and energy security, on the other. “There is a strong debate about this, and the world is repositioning itself.” In the report, ABESPetro demonstrated Brazil has a “natural and unparalleled” propensity for exploring natural resources in the oil and gas sector. “But society does not benefit alone, the nation does not benefit alone if these investments are not made, and the resources are not effectively explored.”

ABESPetro

ABESPetro brings together companies operating in the first link of the production chain of the Brazilian oil and natural gas prospection and production industry. The goods and services produced by its members are used by oil companies to identify and measure reserves, build, operate, and maintain production infrastructure, and deactivate oil fields.

Translated by Elúsio Brasileiro

Press release/Petrobras

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