What does the CEO of Petrobras mean by predicting that the company’s daily oil production will peak by 2034 and remain at that level?

*Major International Oil Companies: Key Investors in Brazil’s Oil and Gas Sector* It’s not only Petrobras investing heavily in Brazil’s oil and gas sector. As Latin America’s largest economy and oil producer, Brazil is attracting strong interest from major international oil companies. Their substantial financial resources will ensure continued robust investment growth in Brazil’s thriving offshore oil industry. Among them, Shell has become a significant player in Brazil’s offshore oil and gas sector over the past decade. Currently, the Brazilian market contributes approximately 15% of Shell’s global production, and the company ranks as Brazil’s second-largest oil producer—accounting for nearly 11% of the country’s crude oil output. At the end of May 2025, Shell announced the start-up of its Mero-4 project in the pre-salt Santos Basin. Previously, the FPSO *Alexandre de Gusmão* had been connected to 12 wells in the project; the vessel has a rated capacity of 180,000 barrels of crude oil per day. Shell holds a 19.3% operating interest in the Mero field, while Petrobras—acting as operator—holds 38.6%; the remaining 42.1% is held by several energy companies, including TotalEnergies (19.3%), China National Petroleum Corporation (CNPC) (9.65%), and China National Offshore Oil Corporation (CNOOC) (9.65%). In March 2025, Shell also disclosed its final investment decision for the *Gato do Mato* project—a pre-salt hydrocarbon discovery located in the prolific Santos Basin. Shell holds a 50% operating interest and serves as operator; its partners Ecopetrol (Colombia) and TotalEnergies hold 30% and 20%, respectively. The project targets 370 million barrels of recoverable oil and is scheduled to begin production in 2029, supported by an FPSO with a capacity of 120,000 barrels per day. French supermajor TotalEnergies holds 11 petroleum production licenses in Brazil—including four with operatorship—and ranks as Brazil’s third-largest oil producer, contributing nearly 4% of the country’s oil output. It continues investing actively in Brazil’s offshore sector, focusing on pre-salt resource development. As noted above, TotalEnergies recently participated in both the Mero-4 and Gato do Mato projects, and expects to raise its daily oil production in Brazil to 200,000 barrels by the end of 2026. Equinor—the Norwegian state-controlled international supermajor—is also active in Brazil and considers the country a core source of production growth. In June 2025, Equinor announced it had successfully acquired Block S-M-1617 in the Santos Basin during Brazil’s fifth permanent licensing round. Additionally, the company is advancing the development of multiple oil and gas assets, which—once completed—will further boost Brazil’s overall oil and gas output. *Brazil’s oil and gas sector is projected to attract USD 122 billion in investment before 2029.*

Petrobras discovered oil offshore Brazil.

Petrobras has confirmed the presence of hydrocarbons in the sub-salt section of the Santos Basin through an appraisal well in the Aram block. The company announced this discovery in a brief statement on its website. Well 3-BRSA-1387D-SPS is located 260 km off the coast of Santos, São Paulo State, in 1,979 meters of water. The well is still being drilled. Wireline logging and fluid sampling have verified hydrocarbon-bearing intervals, and laboratory analysis will further characterize the fluids. These data will help assess the discovery’s potential and guide future exploration activities in the area. The consortium will continue operations to drill the well to its planned total depth, verify the extent of the new discovery, and characterize reservoir conditions. The Aram block represents a key asset for exploring remaining sub-salt potential—particularly within the Santos Basin. Moreover, the well yielded high-quality fluids, confirming low levels of contaminants.

Brazil's Petrobras makes third oil discovery in block off Amapa state

2 days ago

Petrobras announced its third oil discovery in ultra-deep waters offshore Amapa state, advancing exploration in the Equatorial Margin frontier. The company plans to drill three new wells to assess commercial viability in the Foz do Amazonas basin.

reuters

2026-04-30

Petrobras Output Hits Record as Iran War Jolts Oil Markets

2026-05-02

Brazil's Petrobras raises natural gas prices by 19% after oil shock

2026-05-11

Brazil's Petrobras posts 7% decline in first-quarter net profit

2026-05-11

Petrobras Misses Profit Estimates Despite War-Driven Oil Rally

2026-05-25

Petrobras Bets on Fertilizer Revival to Cut Brazil's Import Dependency, But Political Risk Looms