Over $54bn will be spent on Brazil’s upstream capex to 2020

Over $54bn will be spent on Brazil’s upstream capex to 2020

Chamber Articles Category: Energy Post Date: 01/11/18 Source: Offshore By: GlobalData Energy
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GlobalData expects that an average capex of $18.2bn per year will be spent on 382 oil and gas fields in Brazil between 2018 and 2020. Capital expenditure into Brazilian traditional oil projects will add up to $47.2bn over the three-year period, while heavy oil fields will require $6.2bn over the same period. Investments into gas projects in Brazil will total $1.1bn in upstream capital expenditure by 2020.

Ultra-deepwater projects will be responsible for over 82% of $54.5bn of upstream capital expenditure in Brazil, or $44.7bn by 2020. Brazil’s deepwater projects will necessitate $5.1bn in capital expenditure over the period. The country’s shallow water and onshore projects will require a capex of $3.4bn and $1.3bn, respectively.

GlobalData expects that Petroleo Brasileiro (Petrobras) will lead the country in capital expenditure, investing $36.6bn into upstream projects in Brazil by 2020. Royal Dutch Shell and Total will follow with $5.7bn and $2.6bn, respectively, invested into Brazilian projects over the period. Read Full Article