Brazil Daily Oil Output to Double by 2026

Brazil's daily oil production should rise 3.8 percent this year over last and double by 2026, the director of a research arm of the government said on Tuesday.

 

Output should pick up to 2.7 million barrels per day (bpd) in 2017 from 2.6 million bpd last year and surge to 5.2 million bpd by 2026, Jose Mauro Coelho, head of the Energy Research Company (EPE), said at an event in Rio de Janeiro.

 

"You have fields going into production, new equipment, but growth now and in the short term is slow," he said, adding that the ramp-up should accelerate from 2022, as more fields begin producing.

 

Coelho said he expects Brazil to export some 3 million bpd by 2026, unless negotiations with foreign firms result in the construction of a refinery in the state of Maranhao in northeastern Brazil.


(By Rodrigo Viga Gaier; Writing by Alexandra Alper; Editing by Cynthia Osterman)