Press Releases

Brazil's oil sector will attract US$ 100 billion in investments by 2012

Brazil is on its way to becoming one of the main international poles for the exploration and production of petroleum. According to data supplied by Brazil's National Oil Industry Organisation (Onip), over the coming ten years the domestic petroleum industry ought to take a significant share of the sector's international investments, or roughly US$ 100 billion, 85 per cent of which to be applied in the oil segment, while the remaining 15 per cent will go into gas-fired power plants. For every US$ 1 billion invested, 37 thousand jobs are to be generated.

Onip data also point to an 80 per cent increase in oil production in six years, moving from the current 1.4 million daily barrels corresponding to 72% of domestic demand to 2.5 million barrels per day. In that same period, domestic consumption, which now stands at 1.9 million barrels per day, ought to grow at a rate of 4-5 per cent yearly. Current forecasts call for Brazil reaching self-sufficiency in oil as of 2005.

Among the Brazilian states, Rio de Janeiro is the one which holds the greatest oil-bearing potential, currently accounting for 85 per cent of domestic production. Of the 1.5 million barrels of oil produced by Petrobras now, the Campos Basin answers for 1.2 million. Oil-related revenues in Rio de Janeiro State amounted to US$ 721 million in 2001. By 2006 Rio de Janeiro may get a second large oil refinery, one that will be of a size similar to that of the Duque de Caxias Refinery (Reduc). Other future investments in Brazil will lead to the construction of 49 gas-fired thermo-electric plants and one gas-chemical complex, and to the revamping of 10 industrial units.

Rio de Janeiro, April 9 2002.

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