The recent collapse in oil prices could chop $300 million to $600 million off 2020 exploration budgets in Brazil, which has emerged as one of the world’s hottest offshore oil plays, specialists at consultancy Wood Mackenzie told Reuters.
Before oil prices collapsed in the wake of failed OPEC talks earlier this month, the consultancy had forecast that some $3 billion would be invested in exploration in Brazil, with state-run Petrobras, Royal Dutch Shell PLC and Norway’s Equinor ASA leading the charge.
