Brazil intends to become world’s 4th largest oil producer by 2030

Brazil ranks 7th in the world in oil production and exports. The goal is to rank 4th or 5th by 2030.

RIO DE JANEIRO, BRAZIL - According to the Ministry of Mines and Energy's Secretary of Petroleum, Natural Gas, and Biofuels José Mauro Coelho, the second stage of the Transfer-of-Rights auction - surplus volume of oil and gas the federal government assigned to Petrobras (PETR4) - which will auction the fields of Sepia and Atapu, is among the most awaited measures.

The auction is expected to be held by the end of this year.

Coelho pointed out that the deep water pre-salt layer is responsible for 73% of national oil production. "In recent years we have seen a declining production . . .

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