Brazil and its tiny neighbors Guyana and Suriname have recently risen to prominence with major oil discoveries despite what most would see as an unfavorable environment—the energy transition seems to be moving ahead at full speed and oil’s days should be numbered. Only they aren’t. And the future of oil appears to be offshore. Brazil will come to account for a quarter of global offshore oil output by 2025, a recent report by GlobalData said. This would mean South America’s largest country would be supplying some 1.3 million bpd to global markets, most from its prolific presalt zone. “Brazil’s prolific pre-salt layer in the Santos Basin has produced a strong portfolio of offshore projects […] These projects have shown robust economics, such as development breakeven oil prices averaging US$40 per barrel and have significantly contributed to South America’s trend of surpassing North America’s offshore production by 2023,” said GlobalData […]