The content has been shared, if you want to share this content with other users click here.
Developers are expected to inject US$480bn into Brazil's energy sector over the next decade under a 10-year action plan approved by the federal government on Wednesday.
The 434-page document forecasts US$348bn for oil exploration and production, US$83bn for power generation and US$16bn for electricity transmission.
A further US$29.1bn is due to be spent on expanding the country's refining capacity.
OIL AND GAS
The government plans to increase oil output to 4.9Mb/d from 2.0Mb/d over the period, boosted by fields in the pre-salt belt, located deep below the Atlantic.
Natural gas production is expected to rise to 148Mm3/d from 77.2Mm3/d, helping to meet rising demand from thermoelectric plants.
Brazil's federal energy major Petrobras will contract 74 new floating, production, storage and offloading (FPSO) units to meet its output targets.
Peak activity is expected to be reached in 2020, when the company will launch 12 FPSO units.
Meanwhile ethanol production is forecast to climb to 47.3Mm3/d from 27.6Mm3/d by 2023.
About 38% of the US$83bn budgeted for power generation will be allocated to hydropower while renewable energy – small hydropower, biomass, wind and solar – will receive 52% of the figure.
Installed generation capacity is forecast to jump to 196GW from 130GW.
The transmission sector will receive investments of US$16bn – US$10bn in new transmission lines and US$6bn in substations.
The government says US$29.1bn will be spent on new refinery projects as it seeks to slash the country's fuel import bill.
The works are expected to lift the country's oil derivative output to 3.25Mb/d from 2.22Mb/d.