Recent Offshore Oil Discoveries and Prospects for Brazil's Energy Sector

Recent Offshore Oil Discoveries and Prospects for Brazil's Energy Sector

Summary

Brazil is currently the largest consumer of primary energy among Central and South American countries. In the Western Hemisphere, it ranks third largest after the US and Canada. It faced a serious energy crisis in the years immediately following the Arab Oil Embargo and imported about 85% of its crude oil consumption in the 1970s. In the subsequent years, with the Pró-Álcohol policy to increase domestic ethanol production, the country has become the second largest producer and the largest exporter of ethanol in the world. In 2006 it produced 16.3 billion litres which represents 33.3% of the world's total ethanol production and 42% of the world's ethanol used as fuel. With regards to crude oil output, Brazil’s oil production currently is 2.238 million barrels per day and consumption is 2.1 million barrels per day. Its domestic demand for energy is expected to increase substantially with the increase in consumption by the transportation and electricity sectors.

Scope

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