Port of Açu and Repsol Agreement Marks New Era in Oil Exports

The Port of Açu, located in São João da Barra in southeastern Brazil, is gearing up for a significant increase in crude oil exports, thanks to a new contract with Spanish oil company Repsol SA. This agreement positions the port, controlled by EIG Global Energy Partners through its operator Vast Infraestrutura, as a key strategic hub for Brazilian oil exports bound for the international market.

According to Victor Bomfim, head of Vast, the port terminal is ideally situated near Brazil’s two largest offshore oil basins. Currently, the terminal handles about half of the country’s oil exports, ranking as the top oil export hub in Latin America. The new partnership with Repsol enables the port to plan an expansion of its capacity, which is already operating at full capacity.

A spokesperson from Repsol confirmed the agreement, emphasizing the strategic importance of the Port of Açu for the company’s operations in the region. With Repsol on board, the port now serves eleven major clients, including companies like Petróleo Brasileiro SA (Petrobras), Shell Plc, TotalEnergies SE, and Equinor ASA.

Bomfim also highlighted projections for a climb in exports, which are expected to reach approximately 3 million barrels per day by 2030, a significant jump from the current flow of 1.8 million barrels daily. The lack of sufficient refineries to process the country’s growing oil production underscores the need for exportation. “This surplus has to be exported,” Bomfim stated. “We are the only ones with capacity for expansion.”

This surge in exports reflects Brazil’s growing prominence in the global oil market, especially as a major source of production outside OPEC+. The country’s influence on the global stage is increasing just as other terminals are reaching the limits of their operational capacities.

Source: O Petróleo

Click here to access the original reporting: https://opetroleo.com.br/acordo-entre-porto-do-acu-e-repsol-marca-nova-era-nas-exportacoes-de-petroleo/

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