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South America’s offshore production is set to overtake volumes from North America by 2024, according to GlobalData.

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MIAMI – South America’s offshore production is set to overtake volumes from North America by 2024, according to GlobalData.

Major projects off Brazil and Guyana will take the lead! Total offshore production for the Americas will build steadily from around 8 1/2 million barrels this year to around 9 to 10 million barrels per day by 2024, driven by Brazil’s presalt area and Guyana’s ultra-deepwater projects.
Petróleo Brasileiro has steadily streamlined its portfolio to focus on exploration and production activities in the presalt layer, while divesting non-core assets in onshore, shallow water and post-salt areas.

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