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Brazil is expected to contribute about 48% (1.35 MMb/d) of the Americas crude and condensate production in 2025 from upcoming projects (excluding the US L48), according to GlobalData.
The company’s latest report, ‘Americas Upstream Development Outlook, 2021–2025’, reveals that 1.164 MMb/d of crude and condensate production in Brazil in 2025 is expected from planned projects with identified development plans. While 364,000 b/d is anticipated from early-stage announced projects that are undergoing conceptual studies and are expected to be approved.
In Brazil, Bacalhau, Itapu (Florim), and Buzios V (Franco) are some of the key projects that are expected to collectively contribute about 39% of the crude and condensate production in 2025.
Svetlana Doh, Oil & Gas Analyst at GlobalData, said: “One of the reasons for the success of Brazil’s oil and gas industry is that the country has a relatively liberalized oil and gas sector by comparison to other Latin American countries that are struggling to find cash to finance their exploration programs.
“Brazil’s offshore high-return presalt resources have already attracted many international investors and the country was one of the few in the Americas region that kept their 2020 production growth despite slowed energy demand due to the COVID-19 pandemic.”
GlobalData sees the US as the second highest country in the Americas with 623,000 b/d of crude and condensate production in 2025. This is about 22% of the total Americas crude and condensate production expected that year. Guyana follows with 312,000 b/d from planned and announced projects in 2025.
Among the companies, Petrobras, ExxonMobil Corp., and Royal Dutch Shell Plc are expected to have the the highest crude and condensate production of 768,000 b/d, 206,000 b/d and 166,000, respectively, in 2025.
