Brazil’s national oil company Petrobras is the world’s fastest growing oil producer gaining nearly full control of more than 8 Bbbl of oil in the Buzios field. According to the analyst firm, to develop these and other offshore resources, Brazil is set for a $70 billion offshore capital investment spree between 2020 and 2025, solely on field development.
Aditya Ravi, vice president of Rystad Energy’s upstream team, said: “Petrobras can, in a matter of years, become the world’s largest oil producer among publicly listed companies. The significance is huge and symbolic. We predict that Petrobras alone can boost its production numbers by more than 1.3 MMb/d over the next decade.”
During 2019, Petrobras has evolved from fifth place to become the third largest oil producer, reaching output of around 2.2 MMb/d in 3Q. As it stands, Rosneft and PetroChina top the list over the world’s largest public E&P companies.
Based on Rystad Energy’s latest forecasts, Petrobras could be poised to overtake PetroChina over the next few months, and potentially dethrone Rosneft over the next decade, thanks in no small part to its latest acquisitions.
Brazil’s production could be pushed from 2.8 MMb/d in 2019 average to more than 5.5 MMb/d thanks to Petrobras’ potential peak output of almost 3.8 MMb/d (accounting for a commercial discovery at Aram) by 2030.