Investing $8 billion in Brazil’s waning offshore Campos Basin could boost its oil production by 230,000 barrels of oil equivalent per day (boepd) by 2025, consultancy Wood Mackenzie said in a report on Tuesday. Oil majors have already plowed billions into Brazil, now Latin America’s top producer, to lock in stakes in its pre-salt offshore oil play, where billions of barrels of oil are trapped beneath a thick layer of salt under the ocean floor. Meanwhile, oil and gas production in the Campos Basin, where activity began about forty years ago, has fallen by a third over the last seven years to 1.3 million boepd, raising the specter of hefty outlays to close down operations. “Campos Basin is still a cash cow for Petrobras,” said Luiz Hayum who authored the report. Although output is declining, Brazil’s state-controlled oil company Petroleo Brasileiro – the world’s […]