MME Predicts $ 460 Billion Oil and Gas Investments by 2040, plus 60 New FPSOS

August 15, 2019

While traveling through China, Mines and Energy Minister, Bento Albuquerque, has been presenting investment opportunities in Brazil to businessmen in that country. During a meeting with representatives of the 20 largest Chinese companies in the areas of energy, oil and gas, biofuels, renewables and mining, the minister gave a presentation detailing the potential of the Brazilian market. Specifically for the national oil sector, Albuquerque exhibited new projections about this industry. According to data from the MME itself and also from the National Petroleum Agency (ANP), the segment should receive investments of up to US $ 460 billion by 2040. In addition, estimates indicate that the country will have a fleet of about 60 new FPSOs. The number of new wells is expected to be around 600, according to forecasts.

The minister also shared the expectation that production will jump from the current 2.5 million barrels per day to 7.5 million barrels per day. Projections also indicate that the country will be responsible for 23% of the increase in oil production in the world, being among the 5 largest producers on the planet by 2040.

In Bento Alburquerque’s agenda, individual meetings were also scheduled with leaders of the country’s leading energy companies. Yesterday, the minister was received by Sinopec President Dai Houliang. At the meeting, the Chinese executive said that the company is satisfied with its operation in Brazil and intends to expand its participation.

The minister has also concentrated efforts to attract investors in the electricity sector. The Brazilian delegation was welcomed by SPIC Chairman Qian Zhimin and other company executives. The company has in Brazil an installed capacity of 1,768 MW, a generation capable of supplying about 6 million Brazilian homes.

The visit to China has also been an opportunity to attract investors for the completion of the Angra 3 nuclear power plant. The venture still needs investments of about US $ 3.8 billion. In the schedule that has been presented to the Chinese, it is estimated that the bidding for the choice of private partner will be launched in the first quarter of 2020. Chinese companies CNNC, SPIC and CGN have already expressed interest in participating as partners in the project.

Source: Petronotícia

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