Brazil has invited Turkish oil and gas companies to invest in the South American country's energy sector revitalization process in 2017 and 2018, according to new reporting from Anadolu Agency.
Milton Cosa Filho, of the Brazilian Petroleum, Gas and Biofuels Institute (OBP) said his country has developed the technological capability to extract fossil fuels as far as 300 kilometers offshore in "ultra-deep" waters.
"I think that 90 percent of the oil and gas production in Brazil comes from offshore. Brazil is doing a good job, but we need to transform our industry and we need to attract companies to invest in Brazil," Filho said.
New tenders over the course of the next two years will operate under frameworks that Brazilian regulatory agencies are currently overhauling.
"In Brazil right now, we are going to relaunch our industry," Filho said. "In 2017, we are going to have four bid rounds and in 2018 we will have three bid rounds. We are going to need lots of construction companies, and this is a good opportunity. Now is the perfect time to jump into the Brazilian market."
More than half of the $150 billion in investments for the next four years tracked by the National Development Bank will be in the oil and gas sectors, according to official data cited by Filho.
"The country needs lots of investments in logistics, infrastructure, terminals, pipes and in other things. I really see good opportunities for Turkish companies and this is the right time because we are ending three consecutive years of economic crises," he added.
Related: Mexico Sees Its First International Offshore Drilling Success
Brazil's oil exports jumped by 94 percent on the year in February, beating the previous record from January, as new offshore production is consistently coming on stream, according to data by the Brazilian trade ministry. The surge in oil exports was a function of higher production from the offshore areas in Brazilian waters, where huge oil finds were made in the pre-salt and sub-salt layers in the past few years.
By Zainab Calcuttawala for Oilprice.com
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Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on… More