Brazil will triple oil production by 2035 and become a major exporter as it develops the Americas’ largest discoveries in almost four decades, the International Energy Agency said. Latin America’s largest economy will produce 6 million barrels a day in 2035 and account for one-third of the increase in global crude output, the Paris-based agency said. The IEA forecasts that Brazil will be the world’s sixth-largest producer, up from 12th now. The new production will come mostly from deposits trapped under a layer of salt more than two miles beneath the Atlantic Ocean’s floor, the so-called pre-salt fields. Deep-water fields including Libra and Lula, the largest oil discoveries in the Western Hemisphere since Mexico ’s Cantarell field in 1976, have attracted investments from Royal Dutch Shell Plc (RDSA) and Total SA. (FP) “The increase in oil and gas production is dependent on highly complex and capital-intensive deepwater developments, requiring […]