Brazil Oil Output Will More Than Double in 10 Years
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Brazil aims to more than double oil output in the next 10 years as part of 1 trillion reais ($604 billion) of energy investments expected for the period, Energy Minister Edison Lobao said today.
The country’s oil output will rise 161 percent, Lobao told reporters in Brasilia today. Brazil produced a record 2.5 million barrels a day of oil and natural gas in November, according to government data. The country plans to auction licenses for its so-called pre-salt deepwater reserves in the second half, he said.