Promising Deepwater Fields Offshore of Brazil, and a Major Discovery Nearby in Guyana, Business and Industry Trends Analysis

Brazil has proven to have immense oil reserves offshore in deep water.  While the potential for production is excellent, costs of producing from Brazil’s offshore fields are very high.  This cost structure creates long-term challenges.  By 2015, Brazil was producing a very significant 2.53 million barrels of oil per day, compared to neighboring Venezuela’s 2.63 million, according to BP. In recent years, Brazil’s government-controlled oil company Petrobras announced the discovery of several mega oilfields offshore, including a major gas deposit named Jupiter, off the coast of the state of Rio de Janeiro, and an immense new oil discovery about 155…

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