Abstract

B034 BRAZIL: THE OPENING OF THE OIL AND GAS SECTOR AND THE EXPLORATION PROCESS Abstract The opening of the oil and gas sector in Brazil (1997) and the exploration process 1 Brazilian oil and gas industry is today one of the ten largest in the world. Being an importing country many challenges lie in the E&P sector of the industry. Twenty nine basins offer exploration potential for new discoveries and oil and gas production is increasing at an average rate of 8.7% and 9.6% per year respectively over the last ten years (Figure 1). 1600 1400 1200 1000 800 600

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