Brazil’s long history in oil production started in 1930 when oil was discovered in Bahia, Brazil. In 1968, the first project was developed for extracting oil offshore (deep water) and six years later the biggest Brazilian oil basin, the Bacía de Campos, was finally found in Rio de Janeiro. Brazil is in charge of nearly one-third of total crude oil processed in Latin America. Founded in 1953, Petroleo Brasileiro (Petrobras) is Brazil’s state-backed oil company which until 1997 held a monopoly over the country’s oil industry. The largest share of Brazil’s total energy consumption is oil and other liquid fuels, followed by hydroelectricity and natural gas.


Quick Facts


In 2014, Brazil produced 2.95 million barrels per day (b/d), representing a 9.5% increase from 2013, making it the world’s 9th-largest producer and 3rd-largest in the Americas behind the U.S. and Canada.

The state of Rio de Janeiro produced 1.54 million b/d in 2014, accounting for 68.4% of the total production.

In July 2015, oil production in the pre-salt layer hit a record 865,000 b/d.

The U.S. Energy Information Administration (EIA) estimates that in 2015, Brazil had 15 billion barrels of proved oil reserves. This amounts to the second-largest level in South America after Venezuela, and about 1% of the world’s total reserves.


Argentina has 10 oil refineries with a combined 611,175 Bbls/d of crude refining capacity.


In 2014, Brazil was the eighth-largest energy consumer in the world and the third-largest in the Americas, behind the United States and Canada, according to BP statistics.