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.
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.