Brazil has proven second-largest oil reserves in South America

According to recent reports from Latin American media, Brazil's National Petroleum Agency (ANP) has revealed that as of the end of 2023, the country's proven oil reserves reached 12.623 billion barrels—an increase of 3.6% compared to the end of 2006. This places Brazil second in South America in terms of oil reserves, just behind Venezuela. In addition, Brazil’s proven natural gas reserves rose by 4.9% over the same period, reaching 364.9 billion cubic meters. These figures place Brazil among the top natural gas holders in the region, trailing only Venezuela, Bolivia, and Argentina. The majority of these newly discovered reserves come from the Campos Basin, located in the waters off Rio de Janeiro in southeastern Brazil. The basin spans over 100 square kilometers and currently contributes to about 80% of Brazil’s total daily oil and gas production, which stands at around 2 million barrels per day. In December 2007, Petrobras made a groundbreaking discovery with the Tupi Oil Field, located in the deep waters off the coast of southeastern Brazil. The field is estimated to hold between 5 and 8 billion barrels of oil, making it one of the largest oil discoveries in the world over the past three decades. However, these reserves have not yet been officially recognized as part of Brazil’s proven reserves, likely due to ongoing exploration and evaluation processes. This development highlights Brazil's growing importance in the global energy landscape and its potential to become a major player in the oil and gas sector in the coming years.

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