Recent Offshore Oil Discoveries and the Prospects for Brazil’s Energy Sector

This Energy eTrack report looks at the potential for oil production and export, particularly since the discovery of the large pre-salt Tupi field, which potentially holds up to 50 billion barrels of oil.

Liquid fuels constitute about 48% of the total energy mix in Brazil while natural gas, coal, nuclear and renewable fuels together account for 15% of primary energy. Last year Brazilian Mining and Energy Minister Edison Lobao announced that the country could start producing oil from its vast offshore crude reserves in five to six years. The export potential of such vast amounts of crude could also make Brazil eligible to join oil cartel OPEC.