Goldman forecasts 3.5 million bpd in Brazil in 2022

Oil production in Brazil is expected to reach 3.5 million barrels per day (bpd) by the end of 2022, up from 3.3 million bpd in early 2020, according to goldman sachs bank analysts in a report released on Sunday (4). The report, which already considers Petrobras' recent portfolio review, projects that production is expected to average 3.29 million/3.40 million bpd in 2021/2022, before peaking in December 2022.

Petrobras announced in September a review of its oil exploration and production projects, due to the Covid-19 pandemic. The state-owned company forecasts investments of $40 billion to $50 billion between 2021 and 2025, up from $64 billion in the 2020-2024 plan.
The Goldman Sachs report also pointed out that the pandemic negatively impacted production in the country, peaking in May, when about 250,000 barrels per day in production were affected by the decommissioning of 62 shallow water fields, but with further recovery due to demand from China.

In addition, Goldman analysts reduced the time frame they estimated necessary for the recovery of the platform ships in the face of coronavirus impacts to between 12 and 15 months, from 24 months earlier.

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