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Getting into Deep Water in Brazil

Ultra-Deep Water Offshore Discoveries


JUNE, 2012 By Mark McHugh Recent ultra-deep water offshore discoveries are reconfirming Brazil as the largest and most significant new oil and gasOffshore Brazil prospect of the last few decades. Brazil produces around 2.8 million barrels of oil equivalent per day, including biofuels, ranking 9th among oil producing countries today. Meanwhile, Petrobras is forecasting daily production of 6.4 million barrels by 2020, which would place Brazil in the top 5 globally. The aggressive targets particularly for the deep-water development over the next 10 years will require as much as US$1 trillion investment, in an extraordinary undertaking, which represents the most challenging frontier yet for the offshore oil industry. Despite the general belief that the country may fall short of its ambitious goals, there can be no doubt that Brazil will become one of the leading non....




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