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Brazil Oil Supply - August 2017

Source: OPEC 8/29/2017, Location: South America

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Brazilian liquids supply in 2Q17 was revised up by 11 tb/d following an increase of output in June by 20 tb/d m-o-m to average 3.35 mb/d. Preliminary liquids output in July indicates the same level of the production in June despite increasing crude oil output by 24 tb/d to total 2.69 mb/d. Through an increase in crude oil output in June of 13 tb/d, total liquids production increased to 3.35 mb/d, with 2.67 mb/d from crude oil, 0.12 mb/d from NGLs and 0.57 m/d from biofuels. Oil production in the pre-salt horizon, following the ramp up to 0.1 mb/d capacity of the Cidade De Angra Dos Reis FPSO as well as the start-up of the P-66 unit in Lula South, reached around 1.3 mb/d. It is also expected that production will start-up in July. Growth of 0.24 mb/d is forecast in Brazil for 2017 to reach an average of 3.38 mb/d. The growth is expected to come from production ramp ups in the Lapa field, Lula (the most growth in 2017), Parque das Baleia, Roncador-2, Sapinhoa, Tartaruga Verde & Mestica, as well as the new Libra project. For 2018, Brazil’s total liquids supply is expected to grow at a slower pace compared to 2017. Growth is estimated at 0.21 mb/d, with an output average of 3.59 mb/d.

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