Growing Crude Production in Brazil Despite a Conspiracy of Corruption, Low Oil Prices, and Recession

Sponsored by: GlobalData Technology

Focused on:

  • Oil
  • Brazil

Date: 17 August


Time: 10am EST

The pace of continued production growth in Brazil is dependent on three key factors: timely deployment of FPSOs, pace and number of wells drilled and productivity of the pre-salt wells - what will Petrobras achieve?

Amid an economic recession, political chaos, and historic corruption Brazil continues to grow its production from deepwater pre-salt fields. Production from pre-salt fields are now forecast to contribute 65% of Brazil’s oil production by 2020. Record levels of indebtedness challenge Petrobras’ ability to roll out FPSOs, but progress continues albeit slower than originally planned. Positive project economics, new leadership, and desire to generate more government revenues could open new opportunities for participation in the upstream sector.

Presented by

Adrian Lara,

Senior Upstream Analyst - Americas

Adrian Lara directs GlobalData's upstream analysis team in charge of conducting quantitative and qualitative research for oil and gas activity in the Americas region. His team monitors the key producing and planned assets in the region and oversees the methodology for specific asset valuations including forecasting assumptions in production and capital expenditure. Adrian has several years of experience as an oil and gas industry analyst, having held different positions within Pemex, where he focused on analysis of oil and gas fundamentals in the context of upstream exporting strategies and international trading.

Adrian was also a visiting research fellow at the Oxford Institute for Energy Studies in Oxford, UK, where his research focused on oil supply scenarios in the Western Hemisphere. He has a Master of Science in Mineral and Energy Economics from the Colorado School of Mines, with a specialization in oil and gas from the Institut Français du Pétrole. He has a Bachelor of Arts in Economics and Political Science from the Instituto Tecnológico Autónomo de México (ITAM).

Read our spotlight interview with Adrian here.

Key Learning Objectives

  • What is the current forecast for crude oil production in Brazil pre-salt?
  • What are typical project economics for a pre-salt project in Brazil pre-salt?
  • What are the pre-salt projects currently in development in Brazil?
  • What impact has the current economic and political situation had on the Brazilian upstream industry?


  • Heads of Exploration and Production
  • Heads of Planning and Strategy
  • Heads of Research and Analysis
  • Heads of Project Evaluation
  • Heads of Fiscal Analysis
  • Upstream Consulting
  • Marketing and Strategy