Opec: Pre-Salt Needs More Investments, Partnerships

The FPSO Cidade de Mangaratiba (pictured) is the nation bigger oil producer

Brazil’s pre-salt region still needs more investments and partnerships, according to the Opec monthly report. The organization stated that the lower price of a barrel of oil is an economic challenge for the pre-salt activities and cites as an example the Shell partnership in the Libra area, where the Anglo-Dutch company holds 20% of the concession.

The projection is that the country will produce 3.14 million boepd this year, up by 80,000 boepd compared to the previous year. For 2016, the entry into operation of three new FPSOs in the Santos Basin is foreseen, which should add 380,000 boepd to the country’s total capacity.

Throughout Latin America, OPEC predicts that Brazil will be the only country to boost production. The region should total an output of 5.2 million boepd in 2016.

According to the cartel, the country plans to increase its pre-salt activities while there is a continual decline in post-salt production.

Demand

Oil consumption in Brazil kicked off the year with a decrease of 300,000 boepd in January compared with the same month of 2015. Overall, the country’s demand in the month was 2.13 million boepd, which, according to OPEC, reflects Brazil’s macroeconomic scenario.