Can Brazil’s oil sector make the transformation needed to survive?

Alexis Arthur – Oil Price, 9/20/2015

In July 2015, Brazil’s pre-salt production topped 1 million barrels of oil equivalent per day. This is quite the milestone for a nation that is currently battling a severe political and economic crisis, and struggled to attract serious attention during its first pre-salt auction in 2013.

But despite its troubles, Brazil is moving forward with its next oil and gas auction, on October 12. Optimism is important in times of crisis but how is Brazil’s energy sector really faring?

In August, Brazil produced 2.69 million barrels of oil equivalent per day, a record high. This was largely due to a new pre-salt operation coming online in the Santos Basin, which is producing 150 thousand barrels of oil and 8 million cubic meters of natural gas per day.

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