Market Size of Brazil Oil and Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Brazil Oil and Gas Market Analysis
The brazil oil and gas market is expected to grow at a CAGR of more than 3.5% in the forecast period of 2020-2025. Factors such as the reduction in the cost of the offshore drilling rigs, increasing offshore activities, and expansion in the country's refining sector are likely to drive brazil oil and gas market in the forecast period. However, the declining oil and gas production from its mature fields, highly volatile oil and gas prices, and delay of projects are expected to have a negative impact on the brazil's oil and gas market during the forecast period.
- The upstream sector accounted for a significant market share in 2018, and it is likely to dominate the market during the forecast period.
- Brazil is estimated to increase its oil production by 70% by 2035. With favorable conditions in the oil and gas sector, it can attract upstream companies for exploration and development activities in the region. Moreover, Petrobras' new Strategic Plan 2040, which aims to increase investment and prioritizing its activities mainly in deep water is expected to create opportunity for the market to grow in the near future.
- Increasing deep-water activities and pipeline infrastructure are likely to drive the brazil oil and gas upstream market in the forecast period.
