Brazil has been identified as a key non-OPEC oil producer driving global production growth, with a massive offshore oil boom. By July 2023, petroleum output exceeded 3.5 million barrels per day, on track to reach five million barrels by 2030, making Brazil a top-five global producer.

Data from Brazil’s hydrocarbon regulator shows record high production in June 2025, with 4.9 million barrels of oil equivalent per day. Petrobras plans to invest $111 billion between 2025-2029, predominantly in exploration and production, aiming to boost output to 4.5 million barrels of oil equivalent per day by 2029.

Petrobras is directing nearly $8 billion to drill 51 new wells, with a focus on offshore basins, aiming to bring 10 new FPSOs online by 2029. This investment is projected to increase operated hydrocarbon output to 4.5 million barrels of oil equivalent per day by 2029.

Shell announced first oil from the Mero-4 project in Brazil’s pre-salt area, with a capacity of 180,000 barrels per day. Shell also invested in the Gato do Mato project targeting 370 million recoverable barrels of crude oil, expected to commence operation in 2029.

TotalEnergies holds 11 oil-producing licenses in Brazil and aims to boost production to 200,000 barrels per day by the end of 2026. Equinor operates in Brazil, winning the S-M-1617 block in the Santo Basin, contributing to the country’s production growth.

Brazil’s oil patch is set to attract $122 billion in investment by 2029, mainly in offshore ultra-deep-water pre-salt oilfields. Big Oil’s interest in Brazil is driven by low breakeven costs and low carbon intensity of oil production, making it an attractive investment opportunity.

Read more at Yahoo Finance: Brazil Is Destined to Become One of the World’s Top Five Oil Producers