Brazil’s Oil Output Dips, Gas Rises in 2024

The Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) reports that Brazil’s combined oil and gas production reached 4.322 million barrels of oil equivalent per day (boed) in 2024, marking a slight decrease of 0.5% from the previous year’s record.

Oil production averaged 3.358 million barrels per day (bpd), down 1.29% from 2023. Meanwhile, natural gas output increased by 2% to 153 million cubic meters per day (m³/d).

Brazil’s oil production experienced fluctuations throughout 2024. In May, it rose to 3.212 million bpd, a 10.6% increase from May 2023. By June, production climbed further to 3.409 million bpd, reflecting a 2.7% monthly increase.

Offshore fields, particularly in the Santos Basin, drove this growth. The Lula and Búzios fields were key contributors, with the Tupi field also playing a significant role in June. Petrobras led production, operating 89.5% of the total output.

Brazil aims to expand its oil production to 5.4 million bpd by 2029, with pre-salt fields contributing nearly 80% of this output. This ambitious goal underscores Brazil’s commitment to enhancing its energy production capabilities.

The increase in natural gas production highlights its growing importance in Brazil’s energy mix. As of August 2024, natural gas output reached 159.7 million m³/d, marking an 8% increase from the previous year.

Brazil’s oil and gas sector continues to grow, driven by significant offshore production and investments in pre-salt fields. This growth positions Brazil as a major player in the global energy market, balancing fossil fuel exploration with renewable initiatives.

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