A Petrobras oil platform in Guanabara bay
Brazil’s offshore remains buoyant
The sector is attracting attention from both domestic and international firms
The outlook for Brazilian crude production remains rosy, as NOC Petrobras, IOCs and independents all continue to pursue offshore opportunities. Brazilian NOC Petrobras expects to start production at its 180,000bl/d Mero-1 field in the first half of 2022. The start date was previously postponed from the fourth quarter of 2021 to the first quarter of this year, so the latest target might hint at additional delays. Petrobras previously attributed the project’s delays to the impact of Covid-19 on floating production, storage and offloading (FPSO) unit construction in China. But the Guanabara FPSO arrived at the field in late January this year. Mero-1 is intended as the first of four developments
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
