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GlobalData announces capital expenditure forecast on Brazil's upstream oil and gas

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Oilfield Technology,

An average capex of US$18.2 billion per year is forecast to be spent on 382 oil and gas fields in Brazil between 2018 and 2020, according to GlobalData, a leading data and analytics company.

Capital expenditure into Brazilian traditional oil projects will add up to US$47.2 billion over the three year period, while heavy oil fields will require US$6.2 billion over the same period. Investments into gas projects in Brazil will total US$1.1 billion in upstream capital expenditure by 2020.

Brazil’s deepwater projects will necessitate US$5.1 billion in capital expenditure over the period. The country’s shallow water and onshore projects will require a capex of US$3.4 billion and US$1.3 billion, respectively.

GlobalData expects that Petroleo Brasileiro SA will lead the country in capital expenditure, investing US$36.6 billion into upstream projects in Brazil by 2020. Royal Dutch Shell Plc and Total SA will follow with a total of US$8.3 billion invested into Brazil’s projects over the period.

Ultra-deepwater producing Libra field will lead capital investment with US$4.8 billion to be spent between 2018 and 2020, followed by planned ultra-deep field Lula Oeste with a capex of US$4.1 billion, and another planned ultra-deep field Buzios V (Franco) with a capex of US$3.4 billion.

GlobalData reports the average remaining capex/boe for Brazilian projects at US$8. Shallow water projects have the lowest remaining capex/boe at US$7.0, followed by onshore, ultra-deepwater and deepwater developments with US$7.2, US$10.6 and US$12.3, respectively.

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Upstream news Offshore news Upstream drilling news