Oil in Brazil grows above average, says Ineep

Research by the Institute for Strategic Studies of Oil, Gas and Biofuels (Ineep) shows that Brazil has become an important factor in the new oil geopolitics. The country is already the largest producer in Latin America, and across the continent is second only to the United States and Canada. From 2016 to 2019, oil produced in Brazil advanced 11%, rising from 2.59 million barrels per day (bpd) to 2.88 million bpd. The global average increased only 3.3%.

In the pre-salt, the growth was 70%. It went from 1.02 million bpd in 2016 to 1.73 million bpd in 2019. According to Ineep, pre-salt stood out as one of the largest oil reserves in the world, besides being among the areas with the lowest extraction costs. The Buzios field, for example, has an extraction cost close to US$ 3 per barrel.

The institute's research also rescues a study by the State University of Rio de Janeiro (Uerj), which projects that pre-salt will contribute to the addition of more than 60 billion barrels of oil, placing Brazil on the list of the ten largest reserves in the world.

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