News Release

Banking on Buzios’ oil supply

A look at the potential and pitfalls of Brazilian oil supply growth through 2030

byEnverus

CALGARY, Alberta (March 22, 2023) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released a report on Brazilian oil supply growth through 2030. With the nation expected to be a major source of global oil supply, EIR analyzes the key risks of banking on its offshore development projects. 

Drilling in Brazil has greatly declined since 2015 as oil price volatility, notably sub-$30/bbl Brent oil prices in early 2016, was compounded by heavy debt levels that Petrobras, the state-owned Brazilian multinational corporation controlling 65% of operating fields, accumulated in the wake of the Operation Car Wash scandal. Since 2008-09, activity has dropped from 700 appraisal, exploration and development wells drilled annually, to less than 200 so far this decade. 

“We forecast Brazil will be a major driver of oil supply growth to the end of the decade on the back of its offshore pre-salt development,” said Josephine Mills, associate at EIR. “If government policy and regulation changes in Brazil affect the pace of offshore development, global inventories will remain under-supplied, pushing up oil prices as few countries have the potential to boost production significantly.”

Key takeaways from the report:

  • Enverus Intelligence Research forecasts that new oil supply from Brazil’s offshore fields will come on slower than predicted by the EIA.
  • Brazil is a hot spot for oil supply growth, currently accounting for ~13% of production in EIR’s NOCAR (non-OPEC, Canada, U.S. and Russia) supply stack, and we expect that share to increase to 20% by 2030.
Graph showing Brazil well activity

Members of the media should contact Jon Haubert to schedule an interview with one of Enverus’ expert analysts.

About Enverus
Enverus is the most trusted, energy-dedicated SaaS platform, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 98% of U.S. energy producers, and more than 35,000 suppliers. Our platform, with intelligent connections, drives more efficient production and distribution, capital allocation, renewable energy development, investment and sourcing, and our experienced industry experts support our customers through thought leadership, consulting and technology innovations. We provide intelligence across the energy ecosystem: renewables, oil and gas, financial institutions, and power and utilities, with more than 6,000 customers in 50 countries. Learn more at Enverus.com.

About Enverus Intelligence Research
Enverus Intelligence Research, Inc. is a subsidiary of Enverus and publishes energy-sector research that focuses on the oil and natural gas industries and broader energy topics including publicly traded and privately held oil, gas, midstream and other energy industry companies, basin studies (including characteristics, activity, infrastructure, etc.), commodity pricing forecasts, global macroeconomics and geopolitical matters. Enverus Intelligence Research, Inc. is registered with the U.S. Securities and Exchange Commission as a foreign investment adviser.

Media Contact: Jon Haubert | 303.396.5996

Enverus

Enverus

Energy’s most trusted SaaS platform — creating intelligent connections that uncover insights and opportunities to deliver extraordinary outcomes.

Related News

Enverus Press Release - From insights to injections: CCS Class VI permit applications surged 500%
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released a new report analyzing data from its updated Class VI permit tracker, which includes new entries such as CO2 source location, facility details, approval...

Enverus Press Release - Enverus wins Thought Industries Best Innovation Using Extensibility Award
News Release
ByEnverus

For the third year in a row, Enverus, the most trusted energy-dedicated SaaS platform, has been awarded a Top Workplaces distinction by both the Austin American-Statesman and Houston Chronicle.

Enverus Press Release - Summoning Haynesville
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released its latest Fundamental Edge report, which focuses on global drivers for oil and gas prices through 2030, the five-year oil and gas supply and...

Enverus Press Release - The Barnett bonanza is coming
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released a new report examining various exploration and production (E&P) companies testing the Barnett Formation in the Midland Basin, including economic and productivity outcomes.

Enverus Press Release - Widespread electric vehicle adoption may be ‘just around the corner’
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released a new report with an updated view on electric vehicle (EV) adoption across its coverage regions (U.S., OECD Europe, OECD Asia, India and China)....

Enverus Press Release - Enverus adds Energy Transition solutions around $3.5T/year sector
News Release
ByEnverus

Enverus, the most trusted energy-dedicated SaaS company, is adding new product solutions to meet the needs of the developing, $3.5 trillion/year energy transition market.

Enverus Press Release - $14B in 3Q23 upstream M&A overshadowed by October’s $60B+ historic deals
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, is releasing its summary of 3Q23 upstream merger and acquisition (M&A) activity.

Enverus Press Release - $14B in 3Q23 upstream M&A overshadowed by October’s $60B+ historic deals
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, is releasing its summary of 3Q23 upstream merger and acquisition (M&A) activity.

Enverus Press Release - Triple-digit oil prices will impact global economy
News Release
ByEnverus

Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released its latest FundamentalEdge report, which focuses on global drivers for oil and gas prices through 2030, the five-year oil and gas supply and demand...

Find Out How Enverus Can Help Your Business

Subscribe to the Energy Blog

A weekly update on the latest “no-fluff” insight and analysis of the energy industry.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Get Started

Register Today

Get Energy Transition Research updates straight to your inbox by filling out the form below.

Sign Up

Power Your Insights

Connect with an Expert

Access Product Tour

Speak to an Expert