ANP predicts U$2 Billion in exploration investments and 39 new wells in Brazil throughout 2024

(PN) New numbers point to an increase in well drilling activity in Brazil. The National Petroleum Agency (ANP) revealed new data forecasting investments in exploration in Brazil. According to the regulatory body, oil companies located in the country must spend US$1.96 billion on exploration during the year 2024. Well drilling is the activity that will most impact the investments planned for this year, with US$1. 71 billion projected for drilling 39 exploratory wells. This represents 87% of the estimated investments for this year. The consolidated data was published in the Dynamic Investment Forecast Panel in the Exploration Phase (access by clicking here).

Of the total planned for this year, around 95% of the investments planned for 2024 are concentrated in maritime basins. For those on the Equatorial Margin (sea basins of Foz do Amazonas, Pará-Maranhão, Barreirinhas, Ceará and Potiguar) the forecast is around US$ 1.09 billion. For the East Margin basins (Pernambuco-Paraíba, Sergipe-Alagoas, Jacuípe, Camamu-Almada, Jequitinhonha, Cumuruxatiba, Mucuri, Espírito Santo, Campos, Santos, Pelotas sea basins), the total could reach US$772 million.

The onshore basins have an amount of investments planned for 2024 of US$ 100 million, distributed among the new frontier basins (Amazonas, Paraná, Parnaíba, São Francisco, Solimões and Tucano Sul), with US$ 61 million of investments planned , and the mature ones (onshore basins Potiguar, Sergipe, Alagoas, Recôncavo, Espírito Santo), with an amount of US$ 39 million.

As the market already knows, during the exploration phase, oil and gas concessions are called blocks, and companies carry out studies and activities (such as seismic surveys and well drilling) to detect the presence of oil and/or natural gas in sufficient quantity to make its extraction economically viable.