the Agency for Petroleum, Natural Gas and Biofuels shows hydrocarbon production for October 2022 hit a new record of 4.18 million barrels of oil equivalent per day. That is just over 3% greater than the previous record of 4.05 million barrels daily recorded for September 2022 and a notable 16% higher compared to the same period a year earlier. All-important oil output for the month was 3.2 million barrels per day or 77% of the total hydrocarbon production.
Substantial capital is being invested in the Buzios field, which will continue to drive significant production growth. This is especially important because thefrom Brazil’s pre-salt fields has become popular in China, which is the world’s second-largest oil consumer. Petrobras, the operator of Buzios, has four floating production storage and offloading vessels running in the field, with another four under construction and two more contracted to be built.
Despite very real fears that Lula’s election as president could upend reforms undertaken to Brazil’s oil industry, there are unlikely to be any major material changes. The oil boom underway in Latin America’s largest economy is an important growth driver for a country that is expected to experience some of the strongest oil production growth among non-OPEC countries. It is anticipated that Brazil willpumping an average of 5.3 million barrels of oil equivalent per day by 2030.
to existing contracts and legislation, and Lula’s commitment to fiscal responsibility makes it imperative that Brazil’s hydrocarbon sector is not upended.
In other words he tried to keep the profits within his own country as he should of.
Old article. The ceo was chosen. $pbr will do well
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheEconomist - 🏆 6. / 92 Read more »
Source: Daily_Record - 🏆 9. / 89 Read more »