As Brazil’s oil industry looks set to soar over the next decade, with the potential to provide almost a quarter of the world’s offshore oil by 2025, Big Oil is betting big on the oil-rich state. Unlike the rest of the world, which reined in oil production in 2020 as demand stagnated in the wake of a global pandemic, Brazil actually increased its output. These sustained levels of production put it on route to double its output by 2030 , making it the world’s fifth-largest exporter, a target that appears realistic thanks to its low cost-oil giving the country a competitive advantage over many OPEC+ states. In fact, Brazil could contribute as much as 23 percent, around 1.3 billion bpd of oil, by 2025 if its ambitious new oil projects go as planned. At present, 29 crude developments are expected to commence operations between 2021 and 2025, including key […]