Plowing $8 billion into Brazil mature basin could boost oil output: report

Investing $8 billion in Brazil’s waning offshore Campos Basin could boost its oil production by 230,000 barrels of oil equivalent per day (boepd) by 2025, consultancy Wood Mackenzie said in a report on Tuesday.

Oil majors have already plowed billions into Brazil, now Latin America’s top producer, to lock in stakes in its pre-salt offshore oil play, where billions of barrels of oil are trapped beneath a thick layer of salt under the ocean floor.

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