Brazil to lead crude and condensate production in Americas

By Dominic Ellis
Brazil is expected to contribute about 48% or 1,350mbd of Americas crude and condensate production in 2025 according to GlobalData

Brazil is expected to contribute about 48% or 1,350 thousand barrels per day (mbd) of Americas crude and condensate production in 2025 from planned and announced projects (new build projects, excluding the US L48), according to GlobalData.

Its latest Americas Upstream Development Outlook, 2021–2025 report reveals that 1,164 mbd of crude and condensate production in Brazil in 2025 is expected from planned projects with identified development plans, while 364 mbd is expected from early-stage announced projects that are undergoing conceptual studies, and are expected to get approval for development.

In Brazil, Bacalhau, Itapu (Florim), and Buzios V (Franco) are some of the key projects that are expected to collectively contribute about 39% of the crude and condensate production in 2025.

Svetlana Doh, Oil & Gas Analyst at GlobalData, said one of the reasons for the success of Brazil’s oil and gas industry is that the country has a relatively liberalised oil and gas sector by comparison to other Latin American countries that are struggling to find cash to finance their exploration programs.

"Brazil’s offshore high-return pre-salt resources have already attracted many international investors and the country was one of the few in the Americas region that kept their 2020 production growth despite slowed energy demand due to the COVID-19 pandemic," she said. 

GlobalData identifies the US as the second highest country in the Americas with 623 mbd of crude and condensate production in 2025 or about 22% of the total Americas crude and condensate production in the year (excluding the US L48). Guyana follows with a production of 312 mbd from planned and announced projects in 2025.

Among the companies, Petroleo Brasileiro SA, Exxon Mobil Corp, and Royal Dutch Shell lead with the highest crude and condensate production of 768 mbd, 206 mbd and 166 mbd, respectively, in 2025 from planned and announced projects (excluding the US L48).

Despite the abundance of energy assets, Brazilians still pay high prices for energy, states McKinsey.

"Brazil can build on its world-class position in low-carbon energy through hydropower generation by developing its other renewable assets, preparing for an era of sustainability," it concludes. Renewables meet almost 45% of primary energy demand, notes the IEA.

Last month Energea Global, a renewable energy investment manager, announced a $27 million deal with BTG Pactual, the largest investment bank in Latin America, to construct a portfolio of solar projects in Brazil (click here).

Rafael Chitarra, Executive Director of BTG Pactual, said: "This is not just a strong investment opportunity, but also a chance to play a crucial role in the global energy transition and improve access to affordable and clean energy for all."


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