Brazil is one of the world's largest producers of oil and gas, with vast reserves both onshore and offshore. The country's energy sector is crucial to its economic growth, and significant investments have been made in recent years to develop its oil and gas industry. Here are Brazil's top 10 onshore and offshore oil and gas projects.
Lula Field (offshore)
Located in the Santos Basin off the coast of Rio de Janeiro, the Lula Field is one of Brazil’s most significant offshore oil and gas projects. With estimated reserves of 8.3 billion barrels of oil equivalent, the Lula Field is currently producing around 1 million barrels of oil equivalent per day. Petrobras is the operator of the project, and its partners include BG Group and Galp Energia. Continued development of the Lula Field is expected to increase Brazil’s oil and gas production significantly.
Roncador Field (offshore)
Also located in the Campos Basin off the coast of Rio de Janeiro, the Roncador Field has estimated reserves of 1.2 billion barrels of oil equivalent. Currently producing around 240,000 barrels of oil equivalent per day, the Roncador Field is operated by Petrobras, with partners including Shell and Chevron. The Roncador Field has the potential for increased production through the development of new production wells.
Carcara Field (offshore)
Located in the Santos Basin off the coast of Rio de Janeiro, the Carcara Field has estimated reserves of 2 billion barrels of oil equivalent. Currently in the exploration phase, the Carcara Field is operated by Petrobras, with partners including Statoil and ExxonMobil. The Carcara Field has the potential to significantly increase Brazil’s oil and gas production once it reaches the production phase.
Tartaruga Verde Field (offshore)
Located in the Campos Basin off the coast of Rio de Janeiro, the Tartaruga Verde Field has estimated reserves of 488 million barrels of oil equivalent. Currently producing around 77,000 barrels of oil equivalent per day, the Tartaruga Verde Field is operated by Petrobras, with partners including Shell and Petrogal. The Tartaruga Verde Field has potential for increased production through the development of new production wells.
Sapinhoa Field (offshore)
Located in the Santos Basin off the coast of Rio de Janeiro, the Sapinhoa Field has estimated reserves of 2.1 billion barrels of oil equivalent. Currently producing around 250,000 barrels of oil equivalent per day, the Sapinhoa Field is operated by Petrobras, with partners including BG Group and Repsol. The Sapinhoa Field has potential for increased production through the development of new production wells.
Lapa Field (offshore)
Located in the Santos Basin off the coast of Rio de Janeiro, the Lapa Field has estimated reserves of 459 million barrels of oil equivalent. Currently producing around 50,000 barrels of oil equivalent per day, the Lapa Field is operated by Petrobras, with partners including BG Group and Repsol. The Lapa Field has potential for increased production through the development of new production wells.
Buzios Field (offshore)
Located in the Santos Basin off the coast of Rio de Janeiro, the Buzios Field has estimated reserves of 15 billion barrels of oil equivalent. Currently producing around 600,000 barrels of oil equivalent per day, the Buzios Field is operated by Petrobras, with partners including Shell, Total, and CNOOC. The Buzios Field is one of the largest oil and gas fields in the world and has significant potential for increased production.
Marlim Field (offshore)
Located in the Campos Basin off the coast of Rio de Janeiro, the Marlim Field has estimated reserves of 3.4 billion barrels of oil equivalent. Currently producing around 260,000 barrels of oil equivalent per day, the Marlim Field is operated by Petrobras, with partners including Equinor and Total. The Marlim Field has potential for increased production through the development of new production wells.
Urucu Field (onshore)
Located in the state of Amazonas in northern Brazil, the Urucu Field has estimated reserves of 8.4 billion cubic feet of natural gas and 243 million barrels of condensate. Currently producing around 50,000 barrels of oil equivalent per day, the Urucu Field is operated by Petrobras. The Urucu Field has potential for increased production through the development of new production wells.
Fazenda Belém Field (onshore)
Located in the state of Bahia in northeastern Brazil, the Fazenda Belém Field has estimated reserves of 1.5 billion cubic feet of natural gas and 14 million barrels of condensate. Currently producing around 9,000 barrels of oil equivalent per day, the Fazenda Belém Field is operated by Petrobras. The Fazenda Belém Field has potential for increased production through the development of new production wells.
Recôncavo Basin (onshore)
Located in the state of Bahia in northeastern Brazil, the Recôncavo Basin is a mature oil-producing basin that has been in operation since the 1930s. It has estimated reserves of over 600 million barrels of oil and produces around 33,000 barrels of oil equivalent per day. The basin is operated by Petrobras, and several smaller companies also have operations there.
Sergipe-Alagoas Basin (onshore)
Located in the states of Sergipe and Alagoas in northeastern Brazil, the Sergipe-Alagoas Basin has estimated reserves of over 1 billion barrels of oil and produces around 25,000 barrels of oil equivalent per day. The basin is operated by Petrobras, and several smaller companies also have operations there.
Potiguar Basin (onshore)
Located in the state of Rio Grande do Norte in northeastern Brazil, the Potiguar Basin has estimated reserves of over 3 billion barrels of oil and produces around 13,000 barrels of oil equivalent per day. The basin is operated by Petrobras, and several smaller companies also have operations there.
Espírito Santo Basin (onshore)
Located in the state of Espírito Santo in southeastern Brazil, the Espírito Santo Basin has estimated reserves of over 1 billion barrels of oil and produces around 15,000 barrels of oil equivalent per day. The basin is operated by Petrobras, and several smaller companies also have operations there.
Solimões Basin (onshore)
Located in the state of Amazonas in northern Brazil, the Solimões Basin has estimated reserves of over 2 billion barrels of oil and produces around 10,000 barrels of oil equivalent per day. The basin is operated by several companies, including Petrobras and HRT Participações em Petróleo S.A.
What now?
Brazil’s top 15 onshore and offshore oil and gas projects have significant reserves and potential for increased production, making them crucial to the country’s energy sector and economic growth. With major companies such as Petrobras, Shell, and Total involved in their operations, continued development of these projects will play a significant role in Brazil’s position as a leading producer of oil and gas in the global market.
These oil and gas projects, among many others, will be discussed during IN-VR’s third Brazil Energy Summit taking place in Rio de Janeiro on 1-2 June 2023. This Summit is bringing new business opportunities in exploration and production, midstream, downstream, and energy for international companies and investors looking to take part in Brazil’s growing energy industries. IN-VR have created this platform to onboard independents, investors, and supply chain companies that want to take part in Brazil’s energy future.
Some of this year’s speakers include Viviana Coelho, Climate Change Executive Manager at Petrobras; Gabriela Aguilar, General Manager Argentina & Vice-President Latam at Excelerate Energy; Gilberta Lucchesi, Deputy CFO at Repsol Sinopec Brazil; among many others.
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