Burgeoning production from Brazil's subsalt oil fields will likely make Latin America's largest country a big crude oil exporter, with sales of between 1.5 million-2 million b/d by 2022, the head of the country's National Petroleum Agency, or ANP, said Monday.
"We are going to be important exporters of crude oil," ANP Director Magda Chambriard during a presentation at the Rio Oil & Gas 2014 conference.
The ANP estimates Brazil will more than double the country's production of about 2 million b/d and reserves of 15.6 billion barrels of oil equivalent between 2020 and 2022, Chambriard said.
"If that production is confirmed, if the level of development expected is confirmed, that means that Brazil will export 1.5 million-2 million b/d by 2018-2020," Chambriard said.
That should generate as much as a $65 billion positive impact on Brazil's trade balance, she said.
While Chambriard did not provide details about how the oil would be marketed, the oil should be extremely attractive on international markets because the subsalt is currently producing light grades rated higher than 31 API. The crude is also on the sweet side, with lower sulfur content than was previously expected when the subsalt was first discovered.
The majority of Brazil's oil production growth will come from the offshore region, where billions of barrels of crude were found buried in waters more than 2,000 meters deep and a further 5,000 meters below sand, rocks and a shifting layer of salt.
