Since 2017 Brazil has implemented several changes to unlock and scale up the investment in upstream.
The end of mandatory operatorship of Petrobras in pre-salt has allowed companies such as Equinor and Shell to step up their position in this play. Softer local content rules have increased the attractiveness of bidding rounds, which allows operators to seek competitive supply. A longer-term view with a five-year schedule for bidding rounds also enables oil companies to have more predictability and define their future investments.
Several other measures were taken towards the optimization of recovery of reservoirs and also to enable oil companies of different sizes to find suitable business opportunities.
The country is also engaging in discussions with the society and stakeholders to create a natural gas market.
This is the most optimistic moment for the oil and gas sector of Brazil. Aiming to prepare and provide the necessary support to the supply industry, Innovation Norway is running the Global Growth Programmes to enable new players to leverage their knowledge and network to enter the Brazilian market.
If you are interested in understanding more about this exciting market, please contact:
Innovation Norway, Rio de Janeiro
T: +55 21 981 600602
Photo: Oil drilling rig against the panorama of Rio de Janeiro, iStock