Doubling Brazil’s Oil Production
ANP Brazil’s National Petroleum Agency is looking at doubling the country’s O&G production and also its proven reserves in the next 10 years. According to Magda Chambriard, ANP’s Director, that is the challenge faced by the local O&G industry. According to Magda, the O&G industry is already receiving 63% of the country’s investments, and Brazil will still need to invest US$400 billion in the next decade in the services area in order to meet the industry’s demands, while sticking to the local content regulations. Brazil has proven reserves to the tune of 15 billion barrels boe. “The demand on a minimum local content figure on projects in the service area for the O&G industry has created a niche of opportunities for Brazilian and foreign companies present in Brazil, that cannot be ignored.