Brazil is set to become a leading global energy producer within the next few decades, with its oil production seen tripling by 2035, according to a report released Tuesday by the International Energy Agency.
The agency’s annual World Energy Outlook, released in London, said that based on recent offshore discoveries, Brazil will become the world’s sixth-largest producer within 20 or so years.
Not only will Brazil have an abundance of oil, but the report also points to a fivefold increase in natural gas production there that could meet all of the country’s domestic needs by 2030.
The report comes at a time when Brazil’s growing middle class has contributed to an 80 percent increase in the country’s energy use. Meeting that demand requires a $90 billion annual energy-sector investment.
“The increase in oil and gas production is dependent on highly complex and capital-intensive deep-water developments, requiring levels of upstream investment beyond those of either the Middle East or Russia,” Maria van der Hoeven, executive director of the International Energy Agency, said.
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While Brazil will be producing more oil and gas, the country remains one of the least carbon-intensive in the world. Brazil is also a world leader in renewable energy and is set to double that output by 2035.
Note: Oil rig photo by Shutterstock.com.