An oil tanker at a Petrobras distribution terminal
Brazil looks to solve its energy security travails
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken
Brazil risks becoming an oil importer over the next decade unless the country accelerates upstream exploration, especially in the Amazon River basin, according to Shell and state oil and gas firm Petrobras. The NOC expects its production to peak at 4.6m boe/d in 2028, before pre-salt production starts to gradually decline. Barrels from the region already account for 80% of Petrobras’ portfolio and are projected to remain the core driver of domestic crude growth through to the end of the decade. “While medium-term growth remains robust, Brazil’s portfolio of large-scale developments is thinning and requires replenishment” Fagundes, Welligence Extra platforms at Buzios, the world’s lar
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
