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Brazil prepares for reindustrialisation with biggest gas discovery since 2006



Brazil’s state-owned Oil & Gas company Petrobras has announced its biggest discovery in the Sergipe basin since the pre-salt in 2006.

The find by Brazilian state-run Petrobras will encourage competition, reducing the cost of natural gas in the area
(Image via Petrobras)

The find covers six fields, from which the company expects to be able to extract around 20 million cubic metres of natural gas per day - equalling around a third of Brazil’s total gas production and bringing in around $7 billion in annual revenue.

The Brazilian government has welcomed the find as a way to achieve their promised “cheap energy shock” - a plan put forward by Economy Minister Paulo Guedes to reduce the cost of natural gas by up to 50% and “reindustrialise” the country.

The government believes that Sergipe should produce the cheapest gas in Brazil, firstly by increasing output and reducing costs, and secondly by bringing in competition by other oil & gas firms such as ExxonMobil which has exploration projects in the region. They also hope that the activities of gas importers, which will be competing for outflow infrastructure, will contribute to a reduction in transport charges and the final price of the product.

"Let's have competition. This is what will make the price lower," said Márcio Felix, Secretary of Oil and Natural Gas of the Ministry of Mines and Energy (MME).

In addition to the six fields operated by Petrobras, the National Agency for Petroleum, Natural Gas and Biofuels (ANP) believe that there are other areas in the region that may yield relevant discoveries in the coming years.

Based on MME data, Petrobras is expected to spend $2 billion developing the region this year, by designing storage tanks and building a gas pipeline up to the coast.

The Sergipe is expected to become a vital part of the national natural gas network.

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Brazil prepares for reindustrialisation with biggest gas discovery since 2006 - Time to read 2 min
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