An average capex of $18.2bn per year is forecast to be spent on 382 oil and gas fields in Brazil between 2018 and 2020, according to GlobalData, a leading data and analytics company.
Capital expenditure into Brazilian traditional oil projects will add up to $47.2bn over the three-year period, while heavy oil fields will require $6.2bn over the same period. Investments into gas projects in Brazil will total $1.1bn in upstream capital expenditure by 2020.
Brazil’s deepwater projects will necessitate $5.1bn in capital expenditure over the period. The country’s shallow water and onshore projects will require a capex of $3.4bn and $1.3bn, respectively.
GlobalData expects that Petroleo Brasileiro SA will lead the country in capital expenditure, investing $36.6bn into upstream projects in Brazil by 2020. Royal Dutch Shell Plc and Total SA will follow with a total of $8.3bn invested into Brazil’s projects over the period.
Ultra-deepwater producing Libra field will lead capital investment with $4.8bn to be spent between 2018 and 2020, followed by planned ultra-deep field Lula Oeste with a capex of $4.1bn, and another planned ultra-deep field Buzios V (Franco) with a capex of $3.4bn.
GlobalData reports the average remaining capital expenditure per barrel of oil equivalent (capex/boe) for Brazilian projects at $8. Shallow water projects have the lowest remaining capex/boe at $7.0, followed by onshore, ultra-deepwater and deepwater developments with $7.2, $10.6 and $12.3, respectively.
