ANP: Brazil may become leader in oil production

Felipe Kury, director of the National Petroleum Agency (NPA), said last Tuesday (07/30) that oil production volume in Brazil may reach one of the highests in the world.

The statements were made at the opening of the Technical Seminars of the 16th Exploratory Block Bidding Round and the 6th Production Sharing Bidding Round. The director commented on the new oil auctions, saying that the country is going through an “incredible moment” and that there is a definite chance that the country will become one of the world’s leading oil producers.

Kury said the NPA plans to hold two more auctions this year, adding that 72 auctioned exploration areas are a “significant demonstration of the resumption of the oil exploration process in Brazil.”

According to Kury, the next auction rounds are scheduled for October and November and will include pre-salt areas. If all blocks included in both rounds are auctioned, the NPA expects revenues to reach R$11bn (US$2.9bn).

For the executive, auctions held in the last two years and those to be held later this year may change Brazil’s energy matrix, introducing a greater production of natural gas.

He also stressed the importance of a production and development clause in contracts, which is to generate investments and leverage the entire production chain.

Source: Xinhua

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