Oil and gas industry in Brazil - statistics & facts
Brazil is the largest oil and gas producer in Latin America. The country holds significant reserves deep underground off the coast of Rio de Janeiro and São Paulo. In fact, Brazil was found to have the deepest oil reserves still deemed recoverable. Offshore exploration began in 2006 by the state-owned multinational company Petrobras and has become a boon for the country’s oil industry. Today, more than 90 percent of oil in Brazil is produced offshore.
Petrobras is the largest company within Brazil’s oil and gas industry. The company’s hegemony is the result of more than four decades of exclusive rights to oil exploration in the country. Although legally the company has not held a monopoly since 1997, it remains largely unrivaled, accounting for more than 90 percent of the national crude oil production.
Production reaches new peak
Oil production in Brazil reached a new high of 1.1 billion barrels in 2022. This compared to a natural gas production of 50.34 billion cubic meters, which also constituted a new peak in annual extraction volumes. Natural gas is often produced alongside crude oil. Brazil’s oil and gas reserves are primarily found in so-called pre- and post-salt layers. They are geological formations located around underground salt deposits.Petrobras is the largest company within Brazil’s oil and gas industry. The company’s hegemony is the result of more than four decades of exclusive rights to oil exploration in the country. Although legally the company has not held a monopoly since 1997, it remains largely unrivaled, accounting for more than 90 percent of the national crude oil production.
