Brazil Set to Become Net Oil Exporter Again Next Year
April 11 2014 - 8:20AM
Dow Jones News
PARIS--Brazil expects to become a net oil exporter again next
year and double its production in the medium term, the country's
oil regulator said Friday.
The news comes as other American producers--such as the U.S. and
Canada--are also ramping up supplies to markets, threatening the
market share of African and Middle East oil nations.
Speaking at the Petrostrategies oil conference in Paris, Helder
Queiroz, the director of Brazil's National Petroleum Agency, said
the country had become a net importer of oil in the past two years
because of declining production from its most mature fields. But he
said the oil producer was expected to become a net exporter next
year thanks to new production--for instance from its
fast-developing offshore fields.
Mr. Queiroz also said the country's oil production was expected
to double by 2022 from about 2 million barrels a day barrels
today.
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