Brazil Oil and Gas Industry

By: EconomyWatch   Date: 30 June 2010

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Petrobras, a major government owned company of Brazil oil and gas industry has come up with a reviewed version of its medium term investment scheme. As per this plan, Petrobras would pump in $174.4 billion from 2009 to 2013 in oil and gas industry of Brazil. This plan would be concerned with expenses of exploring offshore subsalt deposits of oil and gas industry in Brazil.

Previously on 22nd December 2008 Petrobras had announced that they would be postponing this release as they were reviewing effects of lower prices of oil products. This lowering of prices had raised issues regarding feasibility of certain projects that were to be executed by Petrobras.

In a statement releases on 15th January, 2009 Petrobras has said that in 2008 number of proven oil reserves, at its disposal, went up by 1.2 percent. This was a startling revelation for Brazilian oil and gas industry.

In a recent development in oil and gas industry at Brazil ExxonMobil has informed Agencia Nacional de Petroleo, which is hydrocarbon regulator of Brazil, that its exploration well Azulao, which has been drilled in Block BM-S-22 of Santos basin, has been able to discover traces of hydrocarbon.

BG Group, a major integrated oil and gas company from Britain, is supposed to put in $4 billion in Brazil oil and gas industry. This money would be invested in Tupi, which is a subsalt offshore oil field in Brazil, for a period of three years. This amount would be a part of BG Group's share of developmental expenditure.

In 10th round of licensing conducted during December 2008 in Brazil oil and gas industry Petrobras emerged clear winners. As per announcements by Agencia Nacional de Petroleo 54 out of 130 concessions for oil and gas exploration locations in Brazil were allowed to be put up for tender, which was to be contested by an aggregate of 17 companies.

Norse Energy, an independent company from Norway, had announced in December 2008 that it had discovered oil at Block BM-CAL-5, which is located in Camamu-Almada basin, which lies 17 kilometers to south coast of Bahia.


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