Oil production in Brazil is expected to grow by up to 80% in the next 10 years. Estimates indicate that the country’s oil production will increase from the current 3 million barrels per day to 5.4 million barrels per day by 2029.
Over the next decade, Brazil is on the verge of experiencing a true “boom” in oil production. According to Metrópoles, the estimates point to an impressive growth in this commodity, reaching 5.4 million barrels per day by 2029, which represents an 80% increase. After that, production is expected to stabilize around 4.9 million barrels per day by 2032.
What is even more surprising is that this growth is not based on mere speculation or the search for new exploratory areas, such as the Equatorial Margin, including the mouth of the Amazon River. In fact, the production is already assured, driven by increased productivity in the currently explored areas and the introduction of new platforms in these regions.
In other news, Galp Energia’s profits have increased by 21% in the first six months of the year, reaching 508 million euros. This growth is attributed to a “strong operational performance” despite a “less favorable context in terms of oil, gas, electricity, and refining.” The commercial business, which includes fuel sales at gas stations, reported an EBITDA of 139 million euros in the first half of the year, a year-on-year decrease of 9%. However, in the second quarter, the decrease compared to the same period last year was 30%.
The company’s debt also experienced a significant reduction of 38% in the first six months, amounting to 1.36 billion euros. This performance was well-received by the market, and at the opening of the stock exchange, the company’s shares increased by 2.37% to reach 11.86 euros.
