Insight
Short-term oil supply in Brazil: a tale of two basins
Report summary
Brazil crude oil output is expected to average 2.75 million b/d in 2019, and increase by 250 kb/d in 2020 to reach 3 million b/d. But what are the key risks to this projected growth? Managing declines in the Campos Basin, whilst at the same time ramping-up production from newly commissioned FPSO units in the Santos Basin pre-salt, will be critical to maximising Brazil’s output in the short term. This insight looks at the key risks that will shape Brazil’s short-term supply trajectory: • What is the effect of continued Campos Basin declines? • Which FPSOs are currently ramping up in the Santos and how have they performed so far? • How could the ramp-up of these units affect Brazil’s growth in 2020?
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