Despite political changes and environmental concerns, Brazil's oil sector, led by Petrobras, is rapidly expanding, aiming to make the country the world's fourth-largest oil producer.
Petrobras plans to focus on developing its deepwater and ultra-deepwater pre-salt assets, with $41 billion of its capital expenditure allocated for this purpose, aiming to boost oil production by 19% by 2027.
While the international community raises concerns about Petrobras’ plans to drill near ecologically sensitive areas, such as the mouth of the Amazon River, Brazil’s oil production and investment continue to grow, supported by President Lula.Despite financial markets being roiled by leftist Luiz Inácio Lula da Silva’s, known as Lula, October 2022 electoral victory, there are signs that Brazil’s president will continue to support the country’s burgeoning oil boom.
The growing popularity of Brazil’s pre-salt oil in global energy markets is part of the reason Petrobras is focused on developing those assets. The rising need for lighter and sweeter forms of crude oil with low levels of contaminants such as vanadium saw the popularity of Brazil’s pre-salt Lula and Buzios grades soar in Asia. Lula has an API gravity of 29 degrees, making it a medium crude oil with 0.27% sulfur content, which means it is particularly sweet.
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