Good morning! Today, we look into the state of Brazil’s oil industry. The Amazon drought is only getting worse. And Brazil gets a new municipality.
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Brazilian oil reserves at a decade high
Brazil’s proven oil reserves are at their highest level since 2014 at 14.8 billion barrels, according to a new report from the National Oil Agency (ANP). That represents an 11.5 percent increase from 2021 and the second straight year of growth.
State of play. Most of Brazil’s oil comes from the pre-salt layer, deepwater reserves off the southeastern coast discovered by Petrobras, Brazil’s state-controlled oil and gas giant, back in 2006. ANP data shows that reserves in the state of Rio de Janeiro account for 84 percent of Brazil’s proven reserves, followed by São Paulo (7.7 percent) and Espírito Santo (5 percent).
By the numbers. In 2022, Brazilian oil production increased by 4 percent year-on-year, reaching just over 1.1 billion barrels (an average of 3 million barrels a day). Brazil was the ninth-largest oil producer in the world last...