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Recent Study: Brazil Oil & Gas Report Q3 2014

Fast Market Research recommends "Brazil Oil & Gas Report Q3 2014" from Business Monitor International, now available

 

Boston, MA -- (ReleaseWire) -- 06/16/2014 -- BMI View: Brazil's massive pre-salt fields, such as Lula, Iracema and Buzios , 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. 1 mn b/d in 2013 to 3 . 6 mn barrels per day (b/d) by 202 3 . 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 interest in the country's first pre-salt round, such that there was ultimately only one consortium that bid, underscores the potential impact of Brazil's unfavourable licensing terms and burdensome regulatory environment. Meanwhile, following the volte-face by the government on a new fuel pricing mechanism, imported fuel costs will likely continue to act as a significant burden on state-owned Petrobras' already weak financial position.

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The key trends and developments in the Brazilian oil and gas sector are:

- We maintain our bullish long-term outlook for Brazil's crude production. While post-salt fields will support production in the short term, we believe that it will be pre-salt developments such as the massive Lula or Iracema fields that drive the country's long-term production potential. We expect oil production to keep growing throughout the forecast period, from 2.1mn b/d in 2013 to nearly 3.6mn b/d in 2023.
- Our short-term view is more cautious for a variety of reasons, largely centring around problems of resource nationalism. First, the country's first pre-salt auction raised questions about Brazil's regulatory environment and the attractiveness of the contracts on offer. While the massive Libra field was ultimately successfully auctioned to a consortium of Shell, Total, PetroChina and China National Offshore Oil Corporation (CNC), interest was far below expectation. Indeed, only 11 companies agreed to pay the US$1mn fee required...

The Brazil Oil & Gas Report has been researched at source and features Business Monitor International (BMI)'s independent forecasts for Brazil including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's Brazil Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Brazilian oil and gas industry.

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