RIO DE JANEIRO, BRAZIL - With Petrobras stepping on the investment brake and selling off more assets, foreign oil companies are gaining ground in Brazil.
Together, Shell, Repsol Sinopec, Petrogal and TotalEnergies account for 20% of national oil and gas production, while the private sector (including Brazilian companies) now accounts for 27% of the total, according to data from the National Petroleum, Natural Gas and Biofuels Agency (ANP).
The new industry portrait also shows the transfer of investments to the pre-salt deep water areas, and the drop in the number of reservoir discoveries. The distribution of royalties among municipalities has . . .