New Brazil oil and gas projects set to require over US$10bn

Brazil has seen four final investment decisions (FIDs) for oil and gas production projects made since the beginning of 2025, potentially involving more than US$10bn in investments. 

Norway's BW Energy recently said it had made the FID for two offshore undertakings. 

The company plans to invest US$1.5bn in the development of the Maromba field in the Campos basin. 

The project involves the installation of a wellhead platform (a converted drilling jack-up with up to 16 well slots) and production and test flowlines connected to the redeployed FPSO BW Maromba (formerly Polvo). 

First oil is planned by end-2027 with expected plateau production of 60,000b/d. 

BW also approved a US$107mn investment in a project to boost output at Golfinho in the Espírito Santo basin. 

The goal is to increase uptime, reduce operating expenses and add approximately 3,000b/d of incremental oil production from 2027. 

Meanwhile, Australia's Karoon disclosed that the preliminary capital costs estimates for the first phase of development of the Neon field are between US$900mn and US$1.2bn.

The project entails a potential standalone development with an FPSO, with first oil targeted for early 2029 and an estimated peak production rate of 40,000-50,000b/d.

Other recent FIDs were made by Anglo-Dutch major Shell (Gato do Mato) and Brazil's state-run firm Petrobras (Búzios 12), in the Santos basin, but the companies did not disclose capex estimates.

Local sources told BNamericas these projects should involve investments in the order of US$5bn and US$3.5bn, considering only the contracts related to the FPSOs – a 180,000b/d unit for Búzios 12 and a 120,000b/d unit for Gato do Mato – and subsea engineering, procurement, construction and installation (EPCI).

2025 capex forecast

Oil and gas watchdog ANP foresees exploration and production investments of around US$1.5bn and 140bn reais (US$24bn) in 2025. 

Petrobras is the leading player, with a US$15.1bn E&P capex projection for 2025. The amount includes a minor share for undertakings in Colombia, Bolivia, Argentina, Saint Tomé and Principe and South Africa.