Brazil has experienced a tremendous spurt in crude oil production, propelled by the development of its pre-salt resources.
However, taking Brazil’s oil production to its current level certainly didn’t come cheap. Petrobras has paid over 78% of Brazil’s $396 billion bill for exploration (excluding dry well costs), development and operations from 2010 to 2018. This, in 2014, made Petrobras the world’s most indebted listed E&P company. Petrobras would be counting on the revenues from its growing production to help scale its debt mountain.