Brazil's oil sector trends and recent developments.
RIO DE JANEIRO – Brazil is increasingly consolidating itself as a major player in the oil industry. Domestic crude production has hit new record highs, in line with expectations associated with Pre-salt's development.
Focused on capital-intensive pre-salt projects, and constrained by the fall in oil prices, investments in existing onshore and offshore fields in the country were reduced. This worsened decline rates in mature fields. A series of measures by the Brazilian Government started to reverse this trend, increasing Brazil's attractiveness upstream.
Considering the projected growth in Brazilian energy demand, the downstream segment requires more investments in infrastructure. Investments by third parties were partly inhibited by a highly concentrated market and infrastructure. A series of laws and regulations are under review aiming to change this scenario.
The following report gives an overview of the Brazilian oil and gas industry over the past months. The report addresses the setting of both the upstream and downstream, including licensing rounds, mature field production, investments, government initiatives and infrastructure projects.
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