Market Report, "Brazil Oil & Gas Report Q1 2014", Published
BMI View: Brazil's massive pre-salt fields, such as Lula, Iracema and Franco, suggest substantial growth potential over the long term, underpinning our view that crude, natural gas and other liquids output will rise from an estimated 2.3mn b/d in 2013 to 3.9mn barrels per day (b/d) by 2022. That said, this is a modest downward revision from previous quarters, reflecting our view that the above-ground environment remains a considerable obstacle to both the country's upstream and downstream sectors. Indeed, muted...
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