• Categories
  • Archives

Oil Makes 10% of Brazil’s GDP, But Country Has to Keep Digging

The oil sector in Brazil already accounts for approximately 9% of the Brazilian Gross Domestic Product (GDP), and should surpass 10% still this year, or in 2007 at most.

The information was presented Tuesday, November 28, in Rio de Janeiro, by the director general of the National Petroleum, Natural Gas and Bio-fuels Agency (ANP), Haroldo Lima, during the launch of the 8th Round of Tenders for oil and natural gas exploration areas in Brazil, with the presence of the Brazilian minister of Mines and Energy, Silas Rondeau.

According to Lima, in the 1970s, the oil sector accounted for 2.79% of the Brazilian GDP. The director general of ANP also said that from 1998 to 2004, the growth rate of the petroleum industry was 272.18%, with total sales going up from US$ 17.70 billion (38.54 billion reais) to US$ 65.89 billion (143.44 billion reais).

In the period, according to the ANP, the GDP varied 26.56%, rising from around US$ 650 billion (1.4 trillion reais) to about US$ 850 billion (1,8 trillion reais).

Proven oil reserves went up from 6.2 billion barrels in 1995 to 11.8 billion last year. Average petroleum production until September was 1.72 million barrels per day – with reserve/production expected to last for 18.8 years.

In Lima’s assessment, the evolution of the oil and natural gas sector in the country attests to the effectiveness of the current model, adopted in the country after the passing of the Law 9,478, from August 1997, known as the Petroleum Law.

In 1997, Brazil imported approximately 47% of the oil and oil products it consumed; last year, Brazilian reliance on foreign petroleum fell to only 3%.

"This year, Brazil attained self-sufficiency in oil, but in order to maintain it, new discoveries must be made, hence the importance of these tenders," says the director general of ANP.


  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


You May Also Like

Brazil and US Leaders in Haiti, Friends for 25 Years, Discuss Mission Every Day

Army Lieutenant General Ken Keen, deputy commander of the U.S. Southern Command (SOUTHCOM) who ...

Lula Calls Himself ‘Most Optimistic of Brazilians’

In his final “Breakfast with the President” radio appearance this year, Brazilian President Luiz ...

Enduring Scandal Drags Brazilian Stocks Down

Latin American markets were mostly weaker today, as Brazil posted a more meaningful decline ...

Brazil-France Effort Recovers in the Atlantic 17 Bodies from Air France Jet

Seventeen bodies from the 228 people aboard Air France flight 447 have now been ...

Brazil’s Sorcerers and Witches Stage Magic Ritual to Heal Mother Earth

Mother Earth's Cure is the theme of Brazil's 7th Annual Sorcerers Meeting taking place ...

Research and Technology Bring Boom to Brazilian Fruit Farmers

EspÀ­rito Santo, a state in southeastern Brazil, has registered 30% growth in fruit production ...

Brazil President Hints He Might Choose a Woman to Succeed Him

The president of Brazil, Luiz Inácio Lula da Silva, said he would be choosing ...

With Lebanon and Morocco, 51 Countries Are Now Banning Brazil’s Beef

Ukraine sanitary authorities announced to the Brazilian embassy in Kiev (the country’s capital) that ...

Over 70 Indians Elected as Mayors and City Council Members in Brazil

Brazil's latest municipal elections, on October 5, resulted in a growing number of indigenous ...

Brazil's biodiesel

Brazil’s B5 Biodiesel Test Starts Using Soy and Castor Bean

This week, Brazilian government-controlled oil company Petrobras began testing its B5 Biodiesel, a conventional ...