Spotlight: Brazil’s oil and gas production investments, projects

Investments in oil and gas contracts in the production stage in Brazil between 2025 and 2029 are expected to be total 609bn reais (US$107bn), according to watchdog ANP. 

In 2025 alone, investments should reach around 140bn reais. 

BNamericas outlines production projects expected to move forward in the five-year period:

Petrobras 

Búzios: Besides the Almirante Tamandaré FPSO, which began operations recently, the Santos basin pre-salt field is due to receive five production units by end-2029: P-78, P-79, P-80, P-82 and P-83. Meanwhile, the federal oil company may launch this year a tender to contract the 12th FPSO for the asset. 

Mero: The Libra block field is set to receive a new FPSO this year – Alexandre de Gusmão. 

Atapu 2: The P-84 FPSO is scheduled to come online in 2029. 

Barracuda/Caratinga revitalization: The Revit BR/CRT platform is programmed for 2029 and the FPSO tender is underway. 

The following Petrobras projects are expected to come online in 2030 or beyond but will be receiving investments in the coming years: 

Sépia 2, with the P-85 FPSO.

Albacora revitalization, with the Revit Albacora unit. The tender is expected to be launched soon.

Marlim Sul/ Marlim Leste revitalization, with the P-86 FPSO. The tender is underway. 

Sergipe Deepwater, with the SEAP FPSO (up to two units). The contracting process is also ongoing.  

Equinor

Bacalhau: With an FPSO scheduled to come online in 2025, the Bacalhau project’s first development phase calls for investment of US$8bn.

Raia: The natural gas project’s startup is planned for 2028, with US$9bn in capex. 

Shell

Gato do Mato: The Anglo-Dutch major is confident that the final investment decision on the project in the Santos basin pre-salt will be made soon.

TotalEnergies

Lapa Sudoeste: With US$1bn in capex, the Santos basin pre-salt asset's first oil is planned for this year.

BW Energy

Maromba: The Norwegian company plans to make the FID on development of the field soon. The US$1.2bn Campos basin project involves repurposing an FPSO and a jack-up rig with drilling capacity and dry trees. 

PRIO

Wahoo: The Campos basin field is planned to produce its first oil this half.    

Karoon

Neon: According to the Australian company's 4Q24 financial report, the next milestone for the Neon project is expected for around April 2025, when Karoon will decide whether to progress the project into the 'define' phase. This phase would include developing detailed project execution plans, the basis for design specifications, procurement planning, negotiation of commercial agreements, funding and detailed cost estimates. In addition, a data room would be opened and a farm-down process started to secure a partner prior to any FID. 

Brava Energia

Throughout 2025, the company will be working on the ramp-up of its recently opened Atlanta field in the Santos basin. 

Brava is also expected to move forward with the development of the Papa-Terra and Peroá and Cangoá (Malombe prospect) fields in the Campos and Espírito Santo basins, respectively. 

Perenco

The closing of the acquisition by Perenco of the Cherne and Bagre fields in the Campos basin from Petrobras is expected for the end of this half, a source with knowledge of the matter told BNamericas. 

The fields' platforms went into hibernation in 2020 amid the COVID-19 pandemic. Upon taking over the operation of the assets, Perenco is expected to spend between 18 months and two years carrying out revitalization and integrity work on the facilities. Production is expected to resume at the end of 2027.

Trident Energy

In 2024, the company acquired a floating storage and offloading (FSO) vessel that is planned to be installed in the Pampo and Enchova Campos basin hub. 

Onshore

Over 20 onshore oil and gas production projects are expected to be deployed in Brazil by the end of 2025, according to data from the independent oil companies’ association ABPIP shared with BNamericas.

The undertakings involving new fields will be carried out in the states of Alagoas, Bahia, Espírito Santo, Rio Grande do Norte and Sergipe.

ANP projects investments in onshore production will total 4.45bn reais in 2025 and 20bn reais through 2029. 

Among the main onshore producers are Petrobras, Brava Energia, Petrorecôncavo, Eneva, Origem Energia, Carmo, Seacrest and Alvopetro. 

Other onshore players with potential to grow include Azevedo & Travassos (A&T), Elysian Petroleum, Seacrest, Petro-Victory, TOG Brasil, Geopark, Petroil, BGM, Petroborn, Rosneft, Capixaba Energia, Great Energy, Níon Energia, NTF, Perbras, Phoenix Óleo e Gás (A&T), Ubuntu, Cemes, Guindastes Brasil and Vipetro.