According to the Oil and Gas Journal (OGJ), Brazil had 12.6 billion barrels of proven oil reserves in 2009, second-largest in South America after Venezuela. The offshore Campos and Santos Basins, located on the country’s southeast coast, contain the vast majority of Brazil’s proven reserves. In 2008, Brazil produced 2.4 million barrels per day (bbl/d) of oil, of which 76 percent was crude oil. Brazil’s oil production has risen steadily in recent years, with the country’s oil production in 2008 about 150,000 bbl/d (6 percent) higher than 2007. Based on its September 2009 Short-Term Energy Outlook, EIA forecasts Brazilian oil production to reach 2.61 million bbl/d in 2009 and 2.81 million bbl/d in 2010. Brazil’s oil consumption averaged 2.52 million bbl/d in 2008. As a result of this rising oil production and flat consumption growth, EIA expects that Brazil will become a net oil exporter in 2009.
The Snooper Report.
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