Brazilian Oil and Gas Sector Research Sees Investment Increase by 66 Percent

RIO DE JANEIRO, BRAZIL – Investments in development and innovation research in the oil and gas sector in Brazil increased by 66 percent in applied funds from 2017 to 2018. They grew from R$1.2 billion (US$303 million) to R$2 billion last year.

The data are included in the 4th edition of the Yearbook of the Oil Industry in Rio de Janeiro: Panorama 2019, released yesterday, August 7th, by the Federation of Industries of Rio de Janeiro (Firjan) and prepared chiefly based on national data released by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

The international data were obtained from the U.S. Energy Information Administration (EIA) and the Statistical Review of the Brazilian Institute of Oil, Gas, and Biofuels (IBP). The yearbook outlines a scenario in the oil and gas sector and suggests perspectives.

Funding for development and innovation research may be increased in the coming years. According to the General Director of the National Organization of the Petroleum Industry (ONIP) and Firjan’s manager of Oil, Gas, and Naval, studies from IBP state that by 2025 the country should invest over R$30 billion in development and innovation research.

“These funds and this research development tool, particularly from Brazil, will be crucial for the industry’s new face,” he said in an interview with Agência Brasil.

“An environment with great potential for us to take a technological leap from these funds applied to research and innovation is under construction,” he added.

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