Regulatory News

Despite the delay in conducting auctions of new oil and gas exploration blocks in Brazil, expectations from the oil industry is that of significant growth, especially with the discoveries of subsalt reservoirs. Estimates from the Brazilian Institute of Petroleum (IBP) and the National Organization of the Petroleum Industry (ONIP) indicate that participation from the sector in Gross Domestic Product (GDP) will rise from 12% to 20% by 2020.

According to forecasts, by the end of the decade, the oil industry will generate 2.5 million jobs and US$400 billion in demand for equipment and services. By 2016 alone, the sector will include investments of US$266 billion.

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