As Brazil’s crude oil exports take off, government targets further upstream development

Brazil is stepping on the oil and gas accelerator, hoping to further develop its upstream assets with additional E&P bid rounds later this year – all amid the country’s efforts to improve the investment climate. The new government, under President Jair Bolsonaro, wants to keep investor interest growing in the energy sector – and beyond. With this goal in mind, representatives of his administration, as well as Brazilian oil and gas companies, have had a strong presence at events in Houston this spring, as they try to court international upstream developers. Marcio Felix, secretary of oil, gas and biodiesel at Brazil’s Ministry of Mines & Energy, advocated strongly for upstream opportunities in Brazil at one of the world’s biggest E&P events – the Offshore Technology Conference (OTC) in Houston, Texas. Felix touted Brazil’s greater regulatory certainty and improved contract enforcement, as well as pension reform and privatization. Brazil has seen a dramatic opening of its upstream oil and gas markets in the past few years with bids on various blocks, and last year one of those bid rounds drew more than $2 billion from producers. Felix put a spotlight on the country’s upcoming 16th bid round in October and November,… continue reading

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Source: CTRM Center

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