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Foreign companies now hold 20% of Brazil’s oil and gas production

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 . . .

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