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Brazil may become leading oil producer: National Petroleum Agency

(Xinhua)    14:03, July 31, 2019

RIO DE JANEIRO, Jul. 30 -- Brazil is on its way to become one of the world's leading oil producers, said Felipe Kury, the director of the National Petroleum Agency (ANP) on Tuesday.

Kury made the remarks at a technical seminar here when he commented on the new oil auctions, saying the country is going through an "incredible moment" and that there is a concrete chance for the country to become a leading producer.

ANP intends to carry out two more auctions this year, said Kury, adding that 72 exploration areas auctioned are a "significant demonstration of the resumption of Brazil's oil exploration process."

According to Kury, the next auction rounds are scheduled for October and November and will include pre-salt areas. If all blocs included in the two rounds are auctioned, ANP expects revenues to reach 11 billion reals (2.9 billion U.S. dollars).

The auctions held in the past two years and those to be held this year may change Brazil's energy matrix by introducing a higher production of natural gas, Kury said.

He also highlighted the importance of a production and development clause in the contracts, which is to generate investments and boost the entire production chain.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Wen Ying, Bianji)

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