Brazil will receive investments of 1.26 trillion reais ($550 billion), of which 62% will go to upstream development in oil and gas, according to a new 10-year plan from the government’s energy research company, EPE, released on Wednesday.
Oil and gas exports are expected to reach 1.5 million bpd by 2023 and domestic demand is projected at 3.5 million bpd, EPE said.
Although Brazil has made some progress in bringing on new oil production from its massive pre-salt reserves discovered over the past decade, there is no guarantee that it can live up to these projections.
State-run Petrobras, which accounts for most of Brazil’s oil and gas output, has consistently missed its own and the government’s production targets over the past decade.
