Brazil’s Petrobras is on course to become the world’s largest oil producer among publicly listed companies by 2030, based on Rystad Energy’s latest data and forecasts. After a tough few years embroiled in a huge corruption scandal, Petrobras is now the world’s fastest growing oil producer and Rystad analysis suggests it will need to spend $70bn on field development between 2020 and 2025.
“Petrobras can, in a matter of years, become the world’s largest oil producer among publically listed companies. The significance is huge and symbolic,” commented Aditya Ravi, vice president of Rystad Energy’s upstream team, specialised in E&P activities in Latin America. “We predict that Petrobras alone can boost its production numbers by more than 1.3m barrels per day over the next decade.”
This year alone, Petrobras has jumped from fifth to third spot in the ranks of global oil producers with an output of around 2.2m barrels per day in Q3. Just Rosneft and PetroChina stand ahead of the Brazilian company among listed E&P firms. Rystad is predicting PetroChina could be overhauled in a matter of months and Rosneft over the course of the next decade.
“Brazil’s production could be pushed from 2.8 million bpd in 2019 average to over 5.5 million bpd thanks to Petrobras’ potential peak output of almost 3.8 million bpd by 2030,” Rystad stated in a report out this week.
