Brazil's natural gas imports fell to a 20-year low last year, according to data from the National Agency for Petroleum, Natural Gas and Biofuels
Brazil’s natural gas imports fell to a 20-year low last year, according to data from the National Agency for Petroleum, Natural Gas and Biofuels ANP. Brazil’s nat gas imports fell to 6.5 billion cubic meters, or 228 billion cubic feet, according to ANP, as the country boosts its hydroelectric capabilities as well as solar and wind capacity. The figures are on par with the amount of natural gas Brazil imported back in 2003, and compares to the 9 cubic meters imported in 2022, and 16.
While natural gas imports may be falling, the nation’s national oil company, Petrobras, has budgeted a large $102 billion capex for 2024-2028—a 31% increase over the plan from 2023-2027. Petrobras has earmarked $72 billion of that budget for spending on exploration and production activities. The state-run oil company has previously said that it plans to become the world’s fourth-largest oil producer by 2030.