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Petrobras to become world's largest oil producer by 2030 - Rystad

  • Petrobras (NYSE:PBR) is poised to become the world's largest oil producer among publicly listed companies by 2030, Rystad Energy says in a new report.
  • Brazil's biggest-ever oil auctions earlier this month were seen by most as a disappointment since it was bypassed by nearly all major global companies, but Rystad says PBR "could not have asked for a better outcome," as it gained nearly full control of more than 8B barrels of oil in the Buzios field.
  • To develop Buzios and other resources offshore Brazil, PBR seems set for a $70B offshore capital investment spree during 2020-25, solely on field development, the energy research firm says.
  • PBR already is the world's third largest publicly traded oil producer, reaching output of ~2.2M bbl/day, and Rystad predicts the company can boost the total by more than 1.3M bbl/day over the next decade.
  • Rosneft (OTCPK:RNFTF) and PetroChina (NYSE:PTR) currently top the list over the world's largest public E&P companies.

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