Brazil is an attractive and promising geographic location for the oil and natural gas industry, with the coastal areas widely considered to hold vast reserves.
As of the start of 2018, Brazil has proven natural gas reserves of some 15 trillion cubic feet, second in the region to Venezuela, with over 80% located offshore. Of that, around 73% can be found off the coast of Rio de Janeiro. Of the onshore natural gas reserves, around 60% is located in Amazonas.
The consumption of natural gas is increasing around the world, due to its lower emissions compared to other traditional fossil fuels, its energy efficiency and increasing cost effectiveness.
In Brazil, natural gas is used for fuel at thermal power plants, which help to meet the country’ energy requirements. It is also used to fuel various modes of transportation.
There have been many recent announcements regarding new discoveries of natural gas deposits offshore and there are also many projects onshore that are slated to begin operation over the course of the next few years.