Brazil plans to increase oil production by almost 1.5 times by 2034

By Alimat Aliyeva

Brazil plans to produce 4.4 million barrels of oil per day by 2034, which is 47 percent higher than in 2023, Azernews reports.

According to the Ministry's estimates, gross natural gas production by 2034 will amount to 315 million cubic meters per day, which is twice as high as in 2023. At the same time, the peak of 316 million cubic meters per day is planned to be reached in 2031.

Net gas production (for sale, excluding gas directed to technological needs) by 2034 will amount to 134 million cubic meters per day.

At the same time, the bulk of oil (76 percent) and gas (80 percent) production will be from fields in the subsalt zone of the shelf.