Value Chain Report on the Oil & Gas Industry in Brazil

Abstract

This report provides a comprehensive analysis of the Oil & Gas value chain in Brazil, detailing its structure, key players, commercial dynamics, and prevalent challenges. The Brazilian Oil & Gas industry, a cornerstone of the national economy, is segmented into Upstream (Exploration and Production), Midstream (Transportation and Storage), and Downstream (Refining, Distribution, and Marketing) activities. Brazil achieved record oil and gas production in 2023, exceeding 4.3 million barrels of oil equivalent per day (boed), largely driven by prolific pre-salt fields which account for over three-quarters of national output. Petrobras, the state-controlled giant, remains the dominant player across all segments, although market liberalization has spurred increasing participation from International Oil Companies (IOCs) like Shell, Equinor, and TotalEnergies, and dynamic independent producers such as PRIO and 3R Petroleum. The Downstream segment is led by distributors Vibra Energia, Raízen (a Shell JV), and Ultrapar (Ipiranga). Commercial relationships are complex, involving concession contracts, service agreements, infrastructure tariffs, and diverse business models ranging from E&P and asset redevelopment to refining margin capture and retail distribution. Significant bottlenecks include Petrobras's market concentration, particularly in refining; midstream infrastructure capacity limitations hindering efficient transport; a mismatch between domestic refining output and demand (especially for diesel), leading to import dependency; regulatory and political uncertainties; and growing environmental pressures. Substantial investments are projected, particularly in Upstream E&P and refinery modernization, aiming to boost production and address supply chain constraints.

Introduction

Overview of the Oil & Gas Industry in Brazil

The Oil & Gas (O&G) industry represents a sector of paramount strategic importance to the Brazilian economy, significantly contributing to the nation's Gross Domestic Product (GDP), export revenues, and energy security. Brazil stands as a major global producer, particularly distinguished by its vast and highly productive pre-salt reserves located deep beneath the Atlantic Ocean floor. Technological advancements in deepwater exploration and production have unlocked these resources, positioning Brazil among the world's top oil and gas producers. The industry encompasses a complex network of activities, from exploring remote offshore basins and extracting hydrocarbons under challenging conditions to transporting these resources across vast distances, refining crude oil into essential fuels and derivatives, and distributing these products to millions of consumers nationwide. Historically dominated by the state-controlled Petróleo Brasileiro S.A. (Petrobras), the sector has undergone significant transformations since market liberalization began in the late 1990s. This opening has attracted substantial foreign investment and fostered the growth of domestic private companies, leading to a more diversified, albeit still highly concentrated, competitive landscape. The sector's performance directly influences government revenues through royalties and taxes, drives technological innovation, supports a wide array of associated service and manufacturing industries, and plays a critical role in the country's energy matrix, despite ongoing efforts towards diversification with renewables. Recent years have seen record production levels, particularly driven by pre-salt fields, alongside significant investments aimed at expanding capacity and efficiency across the value chain. However, the industry also faces challenges related to infrastructure adequacy, regulatory stability, market competition, import dependency for certain refined products, and increasing environmental, social, and governance (ESG) considerations.

Purpose and Scope of the Report

The purpose of this report is to provide a detailed and comprehensive analysis of the Oil & Gas value chain in Brazil. It aims to dissect the industry's structure, identify the key activities and players within each segment, examine the commercial relationships and business models that govern interactions, and highlight the critical bottlenecks and challenges impacting the sector's efficiency and development. The scope encompasses the three primary segments of the value chain:

1. Upstream: Covering exploration for and production of crude oil and natural gas.
2. Midstream: Focusing on the transportation (pipelines, ships, terminals) and storage of crude oil and natural gas.
3. Downstream: Including the refining of crude oil, and the distribution and marketing of refined petroleum products (like gasoline, diesel, LPG) and natural gas to end-users.

The report delves into the specific segments and main activities within each step, profiles major companies operating in Brazil (including national oil companies, international majors, independents, service providers, and distributors), and presents available data on production volumes, refining capacity, fuel sales, and investment forecasts. Furthermore, it analyzes the intricate commercial exchanges, business strategies, and the inherent difficulties faced by stakeholders operating within this complex ecosystem. This analysis is intended to be a valuable resource for industry participants, investors, policymakers, researchers, and anyone seeking a deep understanding of the structure, operation, and dynamics of the Brazilian Oil & Gas sector. The findings are based on the synthesis of recent industry data, company reports, and market analyses as referenced.

Value Chain Definition

The Oil & Gas industry value chain in Brazil comprises a series of sequential and interconnected activities necessary to bring crude oil and natural gas from their subsurface origins to final consumers in the form of usable energy and products. This chain is traditionally segmented into three core stages: Upstream, Midstream, and Downstream. Understanding each stage, its constituent segments, and the specific activities involved is crucial for analyzing the industry's structure, economics, and challenges.

Upstream

The Upstream segment, often referred to as Exploration and Production (E&P), constitutes the initial phase of the value chain. It encompasses all activities related to finding and extracting crude oil and natural gas resources. This phase is characterized by high capital intensity, significant geological and financial risks, long project timelines, and the potential for substantial returns upon successful discovery and development. Brazil's Upstream sector is particularly noted for its deepwater pre-salt operations.

• Segments:

  • Exploration: This is the foundational segment focused on identifying potentially hydrocarbon-rich geological formations. It involves searching for subterranean traps where oil and gas might have accumulated. Success in exploration significantly reduces the risk associated with subsequent development and production activities.
  • Production: Once commercially viable reserves are confirmed and field development is completed (which includes designing and installing the necessary infrastructure), the production segment focuses on the ongoing extraction of crude oil and natural gas from the reservoirs over the field's lifespan, which can span several decades. This segment also includes initial processing to separate oil, gas, and water, and preparing the hydrocarbons for transport.

• Main Activities:

  • Exploration Activities:
    • Geological and Geophysical (G&G) Studies: Analyzing regional geology, basin history, rock properties, and subsurface structural features to identify areas with hydrocarbon potential (prospects).
    • Seismic Surveys: Employing sophisticated technology, primarily using sound waves (seismic energy) reflected or refracted from subsurface layers, to generate detailed images (2D, 3D, or 4D) of underground structures. This helps identify potential hydrocarbon traps and assess reservoir characteristics.
    • Exploratory Drilling: Physically drilling wells into identified prospects to confirm the presence, quantity, and quality of oil and/or natural gas. This is the ultimate test of an exploration prospect.
    • Prospect Testing and Evaluation: Conducting tests on discovered hydrocarbons within exploratory wells (e.g., formation tests) to assess flow rates, pressures, fluid properties, and overall commercial viability of the discovery.
  • Production Activities:
    • Field Development Planning: Designing the optimal strategy for extracting hydrocarbons, including the number and placement of wells and the type of production facilities required.
    • Drilling and Completing Production Wells: Drilling wells specifically designed for extracting hydrocarbons and installing the necessary downhole equipment (completion) to control and manage the flow.
    • Installing Production Infrastructure: Building and installing surface facilities, such as offshore platforms (fixed or floating, like FPSOs - Floating Production, Storage, and Offloading units), subsea production systems (wellheads, manifolds, flowlines), and onshore processing units.
    • Hydrocarbon Extraction: Operating wells and facilities to lift oil and gas from the reservoir to the surface, often employing techniques like artificial lift (pumps, gas lift) as reservoir pressure declines.
    • Processing and Treatment: Performing initial separation of oil, natural gas, and water produced from the wells. Removing impurities (like sand, sulfur, CO2) to meet quality specifications for transportation and refining.
    • Storage (Initial) and Offloading/Transportation Preparation: Temporarily storing processed crude oil (e.g., in FPSO tanks) before it is transferred to shuttle tankers or pipelines. Preparing natural gas for entry into pipelines.
    • Field Management and Optimization: Continuously monitoring reservoir performance and adjusting production strategies (e.g., water or gas injection for enhanced oil recovery - EOR) to maximize the ultimate recovery of hydrocarbons.
    • Maintenance, Inspection, and Repair (MIR): Regularly maintaining all production equipment and infrastructure to ensure operational safety, integrity, and efficiency.

Midstream

The Midstream segment serves as the logistical bridge connecting the Upstream production sites with the Downstream refining and distribution centres. It primarily involves the transportation, storage, and initial processing (like gas processing plants separating NGLs) of crude oil and natural gas. Efficient Midstream operations are vital for ensuring a smooth and cost-effective flow of hydrocarbons from often remote production areas to market hubs.

• Segments:

  • Transportation: This segment focuses on the movement of crude oil and natural gas over varying distances using specialized infrastructure. The mode of transport depends on factors like distance, terrain, volume, and whether the transport is onshore or offshore.
  • Storage: This involves holding inventories of crude oil and natural gas in dedicated facilities. Storage provides operational flexibility, helps manage supply-demand fluctuations, and facilitates trading activities.

• Main Activities:

  • Transportation Activities:
    • Pipeline Operation and Maintenance: Managing networks of pipelines designed to transport large volumes of crude oil or natural gas overland or subsea. This includes monitoring flows, pressures, and integrity.
    • Maritime Transport Management: Operating or chartering tanker vessels (from small coastal tankers to Very Large Crude Carriers - VLCCs) for transporting crude oil and, increasingly, LNG (Liquefied Natural Gas) across oceans or along coastlines. Managing loading and unloading operations at ports and offshore terminals.
    • Inland Transport Operation: Utilizing trucks and rail cars for transporting smaller volumes of crude oil or distributing natural gas (as CNG or LNG) in areas not served by pipelines.
    • Port and Terminal Operations Management: Managing the infrastructure and logistics at terminals where different modes of transport converge (e.g., pipeline to ship, ship to storage).
  • Storage Activities:
    • Crude Oil Tank Farm Operation: Managing large atmospheric storage tanks at production sites, pipeline hubs, terminals, and refineries.
    • Natural Gas Storage Facility Operation: Operating underground storage facilities (e.g., depleted reservoirs, salt caverns) or LNG storage tanks to manage seasonal demand swings and ensure supply reliability.
    • Inventory Management and Logistics: Tracking volumes, managing product quality during storage, and coordinating receipts and deliveries to optimize storage utilization and meet transportation schedules.
    • Natural Gas Processing: Often considered a Midstream activity, this involves operating plants to remove NGLs and impurities from raw natural gas before it enters long-distance transmission pipelines.

Downstream

The Downstream segment is the final stage of the value chain, bringing energy products to end consumers. It involves transforming crude oil into a wide range of marketable products and distributing these products, along with natural gas, through extensive networks. This segment interacts most directly with consumers and typically involves a larger number of market participants compared to Upstream and Midstream. In Brazil, this segment includes refining, imports, distribution, and retailing of fuels, lubricants, LPG, and petrochemical feedstocks.

• Segments:

  • Refining: This is the industrial process of converting crude oil into various refined petroleum products through complex physical and chemical separation and conversion techniques (like distillation, cracking, reforming). Refineries are large, capital-intensive facilities.
  • Distribution and Marketing: This segment encompasses the logistics of moving refined products from refineries or import terminals to bulk storage facilities (primary distribution) and then to regional depots (secondary distribution) and finally to retail outlets or end customers. It also includes the wholesale and retail selling, branding, and marketing activities.

• Main Activities:

  • Refining Activities:
    • Crude Oil Processing: Operating complex refinery units (distillation columns, catalytic crackers, hydrotreaters, reformers) to break down crude oil and rearrange molecules into desired products.
    • Petroleum Derivative Production: Manufacturing a wide slate of products, including transportation fuels (gasoline, diesel, jet fuel), heating oil, LPG, lubricants, asphalt, waxes, solvents, and feedstocks for the petrochemical industry.
    • Fuel Quality Improvement: Implementing advanced refining processes (e.g., hydrotreating) to produce cleaner fuels that meet stringent environmental regulations (e.g., low-sulfur diesel like Diesel S10 in Brazil).
    • Capacity Expansion and Modernization: Investing in debottlenecking existing units, building new process units, or upgrading technology to increase throughput, improve product yields, enhance energy efficiency, and meet evolving market demands.
  • Distribution and Marketing Activities:
    • Refined Product Transportation: Moving finished products from refineries using pipelines, coastal tankers, barges, rail cars, and trucks to reach distribution terminals and end markets.
    • Distribution Base Operation (Primary and Secondary): Managing storage terminals where large volumes of products are received, stored, blended (e.g., adding ethanol to gasoline or biodiesel to diesel), and loaded onto trucks for delivery to retail sites or customers.
    • Service Station Network Management: Operating or franchising networks of retail service stations where fuels are sold to motorists. This includes site management, fuel dispensing, potentially convenience stores, and other services.
    • Wholesale and Commercial Sales: Selling fuels, lubricants, and other products directly to large industrial, commercial, agricultural, or transportation fleet customers.
    • Marketing and Branding: Developing brand identities, advertising campaigns, and loyalty programs to attract and retain customers in a competitive retail fuel market.
    • LPG Distribution: Managing the logistics and sales network for distributing LPG, primarily in cylinders for residential use but also in bulk for commercial and industrial applications. This involves dedicated bottling plants and reseller networks.
    • Foreign Trade (Imports/Exports): Managing the import of crude oil or refined products to cover domestic deficits and the export of surplus crude or products.

Players Analysis

The Brazilian Oil & Gas value chain features a diverse array of players, ranging from the dominant state-controlled Petrobras to major international corporations, growing independent Brazilian companies, specialized service providers, and numerous downstream distributors and retailers.

Profiles of Key Players

• Petrobras (Petróleo Brasileiro S.A.): As Brazil's state-controlled energy giant, Petrobras holds a historically dominant position across the entire value chain. It is the country's largest company by revenue and a global leader in deepwater E&P technology, particularly in the pre-salt fields, which are the main source of its production growth. Petrobras operates the vast majority of Brazil's refining capacity (11 refineries with ~1.85 million bbl/d capacity out of Brazil's total ~2 million bbl/d), controls significant midstream infrastructure (pipelines, terminals, largely through its subsidiary Transpetro), and maintains a strong presence in fuel distribution through licensing its brand to Vibra Energia. The company achieved record production in 2023 (average 3.4 million bbl/d oil, 150 million m³/d gas; total operated production 4.04 million boed). Petrobras is pursuing a substantial investment plan (US$ 111 billion for 2025-2029), focusing heavily on E&P (US$ 77 billion) but also allocating significant funds (US$ 20 billion) to Refining, Transportation, and Marketing, indicating a strategy to strengthen its downstream and midstream segments, including building new diesel production units. Despite a past divestment program, future strategy might involve repurchasing assets. Its 2023 revenue reached R$ 511.99 billion. [Source: 9, 10, 12, 13, 26, 33, 36, 44, 50, 52]
• Shell Brasil: The Brazilian arm of the global energy major Shell is a significant player in the Upstream segment, particularly as a key partner in major pre-salt consortia alongside Petrobras. It was the second-largest producer in Brazil in 2022 (responsible for 12% of oil and 11.8% of gas production) and aimed for an average production of 400 thousand boed in 2023 (ANP data shows operated production much lower, suggesting its share comes mainly from non-operated fields). Shell is actively involved in exploration, including expressing interest in new frontiers like the Equatorial Margin. In the Downstream sector, Shell operates through its joint venture, Raízen. Shell Brasil also invests in renewable energy and biofuels, aligning with the global parent company's energy transition strategy. [Source: 5, 8, 12, 21, 42]
• Raízen: A major integrated energy company resulting from a joint venture between Shell and Cosan. Raízen is a powerhouse in biofuels (sugar and ethanol, including advanced 2nd generation ethanol) and is one of the largest fuel distributors in Brazil, operating service stations under the Shell brand. It competes fiercely with Vibra and Ipiranga in fuel distribution. In the 2023/24 season, Raízen processed 84.2 million tons of sugarcane, producing significant volumes of sugar and ethanol. Its fuel distribution network is extensive. Despite its scale, Raízen reported a revenue drop in the fiscal year ending March 2024, with total revenue at R$ 220.45 billion. It held significant market shares in gasoline (16.9% in 2023) and led in ethanol sales (19.2% in 2023). [Source: 9, 12, 15, 22, 28, 30, 34]
• Vibra Energia (formerly Petrobras Distribuidora): Spun off from Petrobras, Vibra Energia is Brazil's largest fuel and lubricant distributor by volume, operating a vast network of service stations under a licensed Petrobras brand. It also distributes ethanol, natural gas for vehicles (NGV), and other energy products. Vibra has focused on operational improvements and financial performance, achieving record net income in 2023 since its IPO. In Q3 2024, its sales volume reached 9.38 million cubic meters. Vibra holds leading market shares, particularly in gasoline (24.1% in 2023) and competes closely with Raízen and Ipiranga across fuel types. Its 2023 revenue was reported at R$ 162.95 billion. [Source: 9, 12, 21, 25, 31, 35]
• Ultrapar (Ipiranga, Ultragaz): Ultrapar operates primarily through its subsidiaries Ipiranga (fuel distribution) and Ultragaz (LPG distribution). Ipiranga is one of the top three fuel distributors in Brazil, competing directly with Vibra and Raízen, with a strong network of service stations known for convenience offerings. Ultragaz is a leading player in the LPG market. Ultrapar's strength lies in its extensive distribution logistics and established brand presence. Ipiranga held significant market shares in 2023 for gasoline (18.5%) and ethanol (17%). Ultrapar is generally listed among Brazil's largest companies by revenue. [Source: 9, 12]
• PRIO (formerly PetroRio): PRIO has rapidly become Brazil's largest independent oil and gas company. Its business model focuses on acquiring mature oil fields, often from Petrobras, and revitalizing them through operational efficiency improvements, cost reduction, and targeted investments to extend field life and increase recovery rates. PRIO achieved record production levels in 2023, surpassing 100,000 boed during the year (average 91k boe/d in Q2, 100.3k boepd in Q4). Its success demonstrates the viability of the independent E&P model in Brazil. PRIO's 2023 revenue was R$ 11.9 billion, ranking it 99th among Brazil's largest companies in 2024 (based on 2023 data). [Source: 11, 16, 29, 36, 38, 39]
• 3R Petroleum: Another fast-growing independent Brazilian E&P company, 3R Petroleum also follows a strategy centered on acquiring and redeveloping mature onshore and offshore fields, including significant assets acquired from Petrobras (like the Potiguar Cluster). 3R has significantly increased its production base through these acquisitions and subsequent investments. The company entered the list of Brazil's top 100 largest companies by revenue in 2024 (94th rank based on 2023 data), reflecting its rapid expansion. Its production saw substantial growth in 2023 following asset integrations. [Source: 1, 18, 19, 20, 23, 27, 36]
• Other Significant Players: The Brazilian O&G landscape also includes other important players:
  • IOCs in E&P: Equinor Brasil, TotalEnergies EP, ExxonMobil, BP, Chevron, Murphy Oil Corporation are all active, often in partnership with Petrobras in large offshore projects.
  • Other Independents/Nationals: Enauta Participações S.A. (focused E&P), Seacrest Petróleo, and smaller producers like Capixaba Energia, Imetame, BGM, Mandacaru Energia, Vipetro.
  • Midstream: Gas TransBoliviano SA (operates the crucial Bolivia-Brazil gas pipeline), BR Partners Logística Internacional, Transpetro (Petrobras subsidiary, major pipeline/terminal operator).
  • Downstream (Refining/Distribution): Repsol (lubricants/chemicals via JV), Refinaria de Petróleo Riograndense SA, Dax Oil Refino S.A., Univen Refinaria de Petróleo Ltda, SSoil Energy (smaller refineries), Braskem SA (major petrochemical company), TotalEnergies Brasil Distribuidora, Distribuidora Equador, Supergasbras (LPG).
  • Service Providers: A vast ecosystem of national and international companies providing essential services for E&P, drilling, maintenance, logistics, etc., many associated with ABESPetro (Brazilian Association of Petroleum Service Companies). [Source: Context passim, 62, 64]

Estimates of Volumes and Sizes

The scale of operations across the Brazilian Oil & Gas value chain is substantial:

• Upstream Production:

  • Total O&G: Record high of 4.344 million boed in 2023. Recent figures show continued strength: 4.460 million boe/d (Jan 2025), 4.487 million boe/d (Feb 2025), 4.658 million boed (Mar 2025 - up 9.3% YoY).
  • Crude Oil: Averaged 3.402 million bbl/d in 2023. Recent: 3.449 million bbl/d (Jan 2025), 3.488 million bbl/d (Feb 2025), 3.618 million bpd (Mar 2025).
  • Natural Gas: Averaged 150 million m³/d in 2023. Recent: 160.76 million m³/d (Jan 2025), 158.76 million m³/d (Feb 2025), 165.4 million m³/d (Mar 2025).
  • Pre-Salt Dominance: Consistently contributes the majority of production, around 78-79% in recent months (e.g., 79.76% in March 2025).
  • Projections (ANP 2025-2029): Average 4.28 million bbl/d oil and 221 million m³/d total gas (193 million m³/d net gas after CO2 removal).
  • Reserves (End 2024 Proven Oil): 16.8 billion barrels (up 6% from end 2023), sufficient for ~13.7 years at 2024 production rates.

• Midstream Transportation & Storage:

  • Crude Movement (Ports): Exports and imports led to approximately 2.7 million bpd movement at Brazilian ports in 2023.
  • Infrastructure: Petrobras (Transpetro) operates an extensive network of pipelines and terminals. New pipeline investments are planned.

• Downstream Refining & Distribution:

  • Refining Capacity: Ranked 9th globally with ~2.3 million bpd in 2023. Current operational capacity is ~1.813 million bpd (largely Petrobras), projected to reach 2.105 million bpd by 2029 with planned investments. Petrobras operates 12 large refineries.
  • Refined Products Output (Petrobras 2024): Record production of gasoline (24.4 billion liters) and Diesel S-10 (26.3 billion liters).
  • Fuel Sales (Total 2024): Over 133.1 billion liters of automotive liquid fuels sold.
    • Diesel B: 67.25 billion liters (up 2.6% from 2023). Record monthly sale of 6.23 billion liters in Oct 2024.
    • Gasoline C: 44.19 billion liters (down 4% from 2023). Oct 2024 sales were 3.86 billion liters.
    • Hydrated Ethanol: 21.66 billion liters (up 33.4% from 2023, driven by price competitiveness). Oct 2024 sales were 1.86 billion liters.
    • Biodiesel: 8.96 billion liters (up from 7.34 billion in 2023 due to mandate increases).
    • LPG: 7.57 million cubic meters (up 2.2% from 2023).
  • Distribution Market Shares (2023):
    • Gasoline C: Vibra (24.1%), Ipiranga (18.5%), Raízen (16.9%).
    • Ethanol Hydrated: Raízen (19.2%), Vibra (17.3%), Ipiranga (17.0%).
  • Regulated Agents (End 2024): 131,278 total, including 44,678 service stations and 58,283 LPG resellers.

• Investments:

  • E&P (Production Phase 2025-2029): R$ 609 billion predicted (~R$ 140 billion in 2025).
  • E&P (Exploration Phase 2024-2027): R$ 18.31 billion predicted (R$ 10 billion in 2024, R$ 7.64 billion in 2025).
  • Petrobras (2025-2029 Plan): US$ 111 billion total (US$ 77bn E&P, US$ 20bn Refining/Transport/Marketing).

Value Chain Summary Table

Value Chain Step	Segments	Main Activities	Types of Players	Key Players (Examples)	Estimated Volumes/Sizes (Recent Data: 2023/2024/2025)
Upstream	Exploration, Production	Geophysical surveys, well drilling, field development, extraction, processing, storage (initial)	IOCs, NOCs, Independents, Service Providers, Equipment Manufacturers	Petrobras, Shell Brasil, Equinor Brasil, TotalEnergies EP, PRIO, 3R Petroleum, Exxon Mobil, BP, Enauta, Murphy Oil, Chevron, Seacrest Petróleo	Production (Mar 2025): 4.658 million boed (total), 3.618 million bpd (oil), 165.4 million m³/d (gas). Pre-Salt: ~79% of total. Reserves (End 2024): 16.8 billion barrels (proven oil). Investment (2025-29): R$609bn (Production phase).
Midstream	Transportation, Storage	Pipeline operation, maritime transport, road/rail transport, terminal operation, inventory management, gas processing	Pipeline Operators, Terminal Operators, Shipping Companies, Logistics Providers, Gas Processors	Petrobras (Transpetro), Gas TransBoliviano SA, BR Partners Logística Internacional	Crude oil movement at ports (2023): ~2.7 million bpd. Expanding infrastructure needed to match Upstream growth.
Downstream	Refining, Distribution, Marketing	Crude oil refining, production of derivatives, product transportation, wholesale/retail sales, LPG distribution	Refinery Operators, Fuel Distributors, Retailers, LPG Distributors, Petrochemical Cos., Importers	Petrobras, Raízen, Vibra Energia, Ultrapar (Ipiranga/Ultragaz), Shell Brasil (via Raízen), Repsol, Smaller Refiners, Braskem	Refining Capacity (Operational): ~1.8 million bpd (Proj. 2.1 million bpd by 2029). Fuel Sales (2024): 133.1 billion liters automotive fuels (Diesel 67bn, Gaso 44bn, EtOH 22bn). LPG Sales (2024): 7.57 million m³. Agents: ~45k stations, ~58k LPG resellers.

Commercial Relationships

Commercial relationships within the Brazilian Oil & Gas value chain are intricate, reflecting the interplay between a dominant state-controlled company (Petrobras), large international corporations, growing domestic private firms, numerous service providers, and a vast downstream network, all operating within a regulated environment overseen by the ANP. These relationships occur both horizontally (among peers within a segment) and vertically (between different segments).

Interactions within and between Segments

• Upstream:

  • Government & Operators: The foundational relationship is between E&P companies (NOCs, IOCs, Independents) and the Brazilian government (represented by ANP). Companies acquire rights to explore and produce via concession or production sharing contracts won in competitive bidding rounds. These contracts dictate royalties, taxes, local content requirements, and investment commitments.
  • Operators & Service Providers/Suppliers: Operators contract a wide array of specialized companies for essential services: seismic acquisition firms, drilling contractors (offering rigs and crews on day rates), well service providers (cementing, logging, stimulation, often on lump-sum or per-service fees), subsea installation companies, and EPC contractors for major facilities. Equipment manufacturers supply critical items (pipes, valves, pumps, control systems) through procurement contracts. These relationships are project-based or long-term, involving significant capital expenditure.
  • Operators & Operators: Joint ventures and partnerships are common, especially in large, capital-intensive offshore projects (like the pre-salt fields), allowing risk and cost sharing. Farm-in/farm-out agreements allow companies to buy into or sell stakes in exploration blocks or producing assets.
  • Asset Transactions: Companies like PRIO and 3R engage in significant commercial transactions to acquire mature or non-core assets, primarily from Petrobras, through negotiated asset purchase agreements, subject to ANP approval.

• Midstream:

  • Operators & Users (Upstream/Downstream): Pipeline and terminal operators (like Transpetro) provide transportation and storage services based on regulated or negotiated tariffs (fees per unit volume transported or stored). Users (Producers, Refiners, Distributors) enter into Transportation Service Agreements or Terminal Service Agreements. Access to essential infrastructure (like pipelines designated as common carriers) is regulated by ANP to ensure non-discriminatory access, though negotiation of terms remains a key commercial interaction.
  • Shipping Companies & Charterers: Tanker owners charter their vessels to oil producers (for export), refiners (for import/coastal transport), or traders based on charter party agreements (voyage, time, or bareboat charters) with rates determined by the global shipping market.
  • Logistics Providers & Clients: These companies offer integrated logistics solutions, coordinating multiple transport modes and storage, operating on a fee-for-service basis, managing complexity for their clients across the value chain.

• Downstream:

  • Refiners & Crude Suppliers (Upstream/Traders): Refiners purchase crude oil feedstock domestically from producers (mainly Petrobras) or import it from international markets through supply contracts or spot purchases. Pricing is typically benchmarked against international crude prices (like Brent).
  • Refiners & Distributors: Refiners sell their output (gasoline, diesel, LPG, etc.) to fuel distribution companies (Vibra, Raízen, Ipiranga, etc.) at the refinery gate. This involves large-volume contracts with pricing influenced by refinery production costs, import parity prices, and market competition.
  • Distributors & Retailers/Large Consumers: Distributors transport fuels to their own or franchised service stations and sell directly to large industrial/commercial customers. Relationships with service stations involve supply contracts, branding agreements (often requiring exclusivity), and support services. Distributors compete intensely on price, logistics efficiency, brand image, and value-added services.
  • LPG Distributors & Resellers/Consumers: Companies like Ultragaz and Supergasbras purchase LPG from refiners/importers and manage complex logistics networks to deliver it (mostly in cylinders) via authorized resellers to millions of households and businesses.
  • Refiners/Gas Processors & Petrochemical Companies: Supply essential feedstocks (naphtha, NGLs) to companies like Braskem under long-term agreements critical for chemical manufacturing.
  • Importers/Exporters & International Markets: Foreign trade agents and the trading arms of companies manage the import of crude oil/refined products to meet domestic demand unmet by local refining and the export of surplus crude oil production.

Products and Services Exchanged Along the Chain

• Upstream -> Midstream: Primarily crude oil and natural gas are transferred from production facilities to pipelines or terminals. Services include initial processing at the production site.
• Midstream -> Downstream: Crude oil is delivered to refineries; natural gas is delivered to processing plants and then to Local Distribution Companies (LDCs) or large industrial users. NGLs are transported to petrochemical plants or distributors. Midstream provides transportation and storage services for these commodities.
• Downstream (Refining) -> Downstream (Distribution): Refined petroleum products (gasoline, diesel, LPG, jet fuel, lubricants, asphalt, naphtha, etc.) are sold from refineries to distributors.
• Downstream (Distribution) -> End Consumers/Retailers: Fuels (gasoline, diesel, ethanol, NGL), lubricants, LPG are delivered and sold to service stations, industrial clients, and residential consumers. Associated services include retail operations, marketing, branding, and logistics.
• Cross-Cutting: Specialized services like engineering, construction, maintenance, environmental consulting, financial services, and IT solutions are exchanged across all segments. Equipment supply (from simple valves to complex drilling rigs and refinery components) زیربناییs all physical operations.

Business Models Used in Relationships Between Players

• Upstream Operators: Primarily E&P models focused on generating revenue from selling produced oil and gas, operating under government concessions/PSCs. Independents often use an "Acquire and Redevelop" model focusing on mature assets.
• Upstream Service Providers: Fee-for-service models (day rates for rigs, lump sum for surveys, performance-based contracts, integrated service contracts) based on providing specialized expertise and equipment.
• Equipment Manufacturers: Product sales or lease models for supplying necessary hardware.
• Midstream Operators: Infrastructure service models based on tariffs for transportation (pipelines, terminals) or charter rates (shipping). Revenue tied to volume throughput and asset utilization.
• Downstream Refiners: Margin-based model capturing the spread between crude oil costs and refined product sales prices, heavily dependent on operational efficiency and feedstock optimization.
• Downstream Distributors: Volume-based margin model buying from refiners/importers and selling to retailers/consumers, relying on logistics efficiency, network scale, and branding.
• Downstream Retailers: Retail margin model on fuel sales, often supplemented by convenience store revenues. Many operate under Franchise Agreements with major distributors.
• Integrated Players (Petrobras): Vertically integrated model aiming to capture value across multiple stages, manage internal supply chains, and leverage scale, though still engaging in market transactions with third parties.

Bottlenecks and Challenges

The Brazilian Oil & Gas value chain, despite its successes and growth potential, faces several significant bottlenecks and challenges that impact efficiency, competition, and investment across its segments.

1. Petrobras Dominance and Market Concentration: Petrobras's commanding presence, particularly in controlling the majority of refining capacity (~90%) and significant Midstream infrastructure, remains a major structural challenge. While divestments have occurred, this concentration limits negotiation power for independent crude producers needing refining or transport, potentially restricts access to essential infrastructure for third parties despite regulations mandating it, and influences pricing dynamics in the downstream fuel market. Distributors rely heavily on Petrobras's refineries, making the market susceptible to its operational decisions and investment strategies. [Source: 50, 55] The potential reversal of divestment plans could further solidify this dominance.
2. Midstream Infrastructure Constraints: The pace of developing essential Midstream infrastructure (pipelines for oil, gas, and derivatives; storage facilities; port terminals; gas processing units) has not always kept pace with the rapid growth in Upstream production, especially from dispersed pre-salt fields. Bottlenecks in offtake routes (export pipelines, gas pipelines) can constrain production growth. Lack of sufficient infrastructure or difficulties in securing commercially viable third-party access can particularly disadvantage independent producers and hinder the monetization of natural gas reserves. Planned investments aim to alleviate some constraints, but timely execution is crucial. [Source: 50, 52]
3. Refining Capacity, Configuration, and Import Dependency: Although Brazil has substantial refining capacity, it is geographically concentrated and not fully optimized to meet the national demand profile, particularly for diesel fuel. Some older refineries have limitations in processing the heavier crudes sometimes produced domestically or available for import. This necessitates significant imports of refined products, especially diesel, exposing the domestic market to international price volatility and logistical challenges. While Petrobras is investing in increasing Diesel S-10 production and potentially expanding overall capacity, dependence on imports is projected to continue in the medium term. [Source: 50, 55] This directly impacts distributors' supply security and costs.
4. Natural Gas Market Development: Despite large gas reserves, particularly associated gas from pre-salt fields, developing a fully competitive and liquid natural gas market faces hurdles. These include the need for more extensive and interconnected pipeline infrastructure, competitive gas processing arrangements, transparent access rules, and sufficient demand aggregation. The high cost of reinjecting gas (due to lack of transport options) represents a lost economic opportunity. The "New Gas Law" aims to liberalize the market, but effective implementation and investment are key.
5. Regulatory and Political Environment: The O&G sector is subject to complex regulations (ANP oversight) and can be influenced by shifts in government policy regarding taxation, royalty regimes, local content rules, fuel pricing policies, environmental licensing, and the strategic direction of Petrobras. Policy uncertainty can deter long-term investment, affect project economics, and alter commercial agreements. The debate around fuel price parity (import vs. domestic influences) is a recurring sensitive issue impacting Downstream players and consumers. [Source: 54, 56]
6. Environmental Licensing and ESG Pressures: Obtaining environmental licenses for exploration (especially in sensitive areas like the Equatorial Margin or Foz do Amazonas) and production development can be a lengthy and complex process, posing risks to project timelines. Growing societal and investor expectations around Environmental, Social, and Governance (ESG) performance require companies to invest in emissions reduction, biodiversity protection, robust safety practices, community engagement, and transparent reporting. Failure to meet these standards can impact access to capital and social license to operate. [Source: 5]
7. Capital Intensity and Access to Finance: The industry is highly capital-intensive. While major projects attract investment, smaller independent players or those undertaking complex infrastructure projects may face challenges securing affordable long-term financing, particularly in volatile market conditions or if perceived regulatory risks are high. This impacts their ability to compete, invest in technology, and fulfill contractual obligations in large-scale projects.
8. Skilled Labor Availability: The demand for specialized skills, particularly in offshore operations, subsea engineering, geology, and data science, can sometimes outstrip supply, leading to competition for talent and potential cost inflation for operators and service companies. Maintaining a high level of technical expertise is critical for safety and efficiency.

Value Chain Relationships and Business Models

This section synthesizes the commercial interactions, product/service flows, and business models specifically focusing on the transactions between the major steps of the value chain (Upstream, Midstream, Downstream) and highlights the bottlenecks inherent in these interfaces.

Inter-Segment Transactions and Models

1. Upstream to Midstream Transaction:

   • Products/Services Exchanged: Crude oil and raw natural gas are transferred from Upstream production facilities (platforms, onshore sites) into the Midstream network (pipelines, shuttle tankers loading from FPSOs). Upstream pays Midstream for the service of transportation and potentially initial storage or processing (like feeding gas into a processing plant).
   • Business Models: Governed by Transportation Service Agreements (for pipelines/terminals) specifying tariffs (often regulated for shared infrastructure) based on volume and distance, or Charter Agreements (for shipping). Ownership/custody transfer points are clearly defined. For natural gas, Gas Processing Agreements may exist if a Midstream player operates the processing plant.
   • Bottlenecks/Challenges in Transaction:
     • Infrastructure Availability: Lack of sufficient pipeline capacity (oil or gas) connecting production clusters to the main grid or export terminals forces costly alternatives (e.g., shipping, gas reinjection) and can cap Upstream output.
     • Access Negotiation: Securing timely and commercially viable access terms to existing Midstream infrastructure (especially Petrobras-controlled) can be challenging for independent producers.
     • Quality Specifications: Ensuring produced oil/gas meets the specific quality requirements for entry into the pipeline or processing plant is crucial.

2. Midstream to Downstream Transaction:

   • Products/Services Exchanged: Midstream delivers crude oil via pipelines or ships to Downstream refinery inlets. Processed natural gas is delivered to city gates for LDCs or directly to large industrial consumers. Midstream provides the transportation and storage service; Downstream (Refiner/LDC/Industry) pays the associated tariffs/fees.
   • Business Models: Primarily Tariff-based models for pipeline transport and terminal usage. Supply Contracts govern natural gas sales from processors/transporters to LDCs/industry.
   • Bottlenecks/Challenges in Transaction:
     • Refinery Dependence: Midstream crude logistics are heavily oriented towards supplying Petrobras refineries. Limited independent refining capacity restricts alternative delivery points for Midstream crude flows.
     • Gas Demand Synchronization: Matching natural gas supply capability (from Midstream) with fluctuating downstream demand requires adequate storage and flexible transportation contracts.
     • Logistical Coordination: Efficiently coordinating deliveries via multiple modes (pipeline, ship, truck) to numerous downstream entry points requires sophisticated logistics management.

3. Downstream (Refining) to Downstream (Distribution) Transaction:

   • Products/Services Exchanged: Refiners sell bulk refined products (gasoline, diesel, LPG, jet fuel, etc.) to Fuel Distributors at the "refinery gate."
   • Business Models: Based on Supply Contracts involving large volumes. Pricing is complex, influenced by refinery production costs, international benchmarks (Import Parity Pricing - PPI, though subject to Petrobras policy shifts), taxes, and mandated biofuel blends. Distributors operate on a margin over their purchase cost.
   • Bottlenecks/Challenges in Transaction:
     • Supply Reliability: Distributors depend heavily on the operational reliability and production slate of domestic refineries (mostly Petrobras). Unplanned shutdowns or shifts in refinery output can disrupt supply.
     • Import Dependency Impact: If domestic refining cannot meet demand (esp. diesel), distributors must manage import logistics and pricing, adding complexity and cost volatility to this transaction point.
     • Pricing Disputes: Historical government intervention and changes in Petrobras's pricing policy (relation to PPI) create uncertainty and potential friction in the commercial relationship between refiners and distributors.
     • Logistics from Refinery: Efficiently evacuating large product volumes from refineries via pipelines, rail, or coastal shipping to primary distribution bases is critical.

4. Downstream (Distribution) to Retail/End-User Transaction:

   • Products/Services Exchanged: Distributors deliver fuels, lubricants, and LPG to service stations, industrial clients, and LPG resellers/consumers. Retailers sell to final consumers.
   • Business Models: Distributors use a volume-based margin model. Retailers operate on retail margins, often under Franchise Agreements with distributors dictating supply terms, branding, and operational standards. Direct sales to large consumers use negotiated contracts. LPG relies on reseller networks and delivery logistics.
   • Bottlenecks/Challenges in Transaction:
     • Retail Competition: Intense competition among distributors (Vibra, Raízen, Ipiranga) and fuel retailers puts pressure on margins and necessitates investments in branding, loyalty, and non-fuel offerings.
     • Fuel Tax Complexity: High and variable taxes significantly impact final prices and distributor/retailer economics.
     • Illegal Market: Fuel adulteration and tax evasion create unfair competition and erode margins for legitimate players.
     • Logistics Costs (Last Mile): Efficiently managing truck-based delivery (secondary distribution) to thousands of dispersed service stations and customers is a major operational cost factor.

In summary, while each segment has internal complexities, the crucial interfaces between segments often concentrate significant bottlenecks related to infrastructure access and capacity, market concentration (especially Petrobras's role in refining), import dependencies, and the intricate negotiation of commercial terms under a regulated environment. Business models at these interfaces primarily revolve around service provision (transportation, storage) governed by tariffs or contracts, and bulk product sales governed by supply agreements sensitive to pricing policies and market fundamentals.

Conclusion

Summary of Findings

The Brazilian Oil & Gas value chain is a dynamic and strategically vital sector characterized by large-scale operations, significant recent production growth led by pre-salt resources, and a complex interplay of actors. The value chain is clearly structured into Upstream (Exploration & Production), Midstream (Transportation & Storage), and Downstream (Refining, Distribution & Marketing) segments.

Upstream is marked by record production levels (reaching over 4.6 million boed in early 2025) and substantial proven reserves (16.8 billion barrels of oil end-2024), dominated by Petrobras but with increasing contributions from IOCs and agile independents like PRIO and 3R Petroleum focusing on mature fields. Massive investments (over R$600 billion projected for 2025-2029) underscore the continued focus on E&P.

Midstream infrastructure, largely influenced by Petrobras/Transpetro, faces the challenge of keeping pace with Upstream growth, potentially creating bottlenecks for transporting crude and, particularly, natural gas to market.

Downstream, while featuring strong distribution players like Vibra Energia, Raízen, and Ipiranga serving a vast retail network (~45,000 stations), is constrained by Petrobras's dominance in refining (~90% capacity). This, coupled with refinery configurations not fully aligned with demand (especially for diesel), results in significant refined product import dependency, exposing the market to global price volatility. Fuel sales remain robust (133 billion liters in 2024), with diesel being the primary fuel consumed.

Commercial relationships are multifaceted, governed by government contracts (concessions/PSCs), service agreements (day rates, lump sum), infrastructure tariffs, large-volume supply agreements, and retail franchise models. Key challenges permeate the chain, including Petrobras's market concentration affecting competition and access, Midstream infrastructure limitations, Downstream import vulnerability, regulatory and political uncertainties influencing investment and pricing, environmental licensing hurdles, and the need for continuous investment and skilled labor.

Recommendations or Areas for Further Research

Based on the analysis, several areas warrant further investigation or consideration:

1. Infrastructure Development Analysis: A granular study on specific Midstream infrastructure gaps (pipelines, gas processing, terminals) required to support projected Upstream growth and facilitate a more competitive natural gas market.
2. Refining Sector Dynamics: Deeper analysis of the impact of potential refinery divestments (or lack thereof) on market competition, import dependency, and regional fuel supply security. Modeling different scenarios for refinery upgrades and expansions versus continued reliance on imports.
3. Energy Transition Impact: Research into how the global energy transition and Brazil's own decarbonization goals are influencing investment strategies, technological adoption (e.g., CCUS, biofuels integration), and the long-term outlook for different segments of the O&G value chain in Brazil.
4. Natural Gas Market Evolution: Continued monitoring and analysis of the effectiveness of the "New Gas Law" in fostering competition, attracting Midstream investment, reducing gas flaring/reinjection, and lowering prices for industrial consumers.
5. Independent E&P Growth: Tracking the performance, financing strategies, and potential consolidation among independent Brazilian E&P companies and their impact on overall production and market dynamics.
6. Regulatory Environment Assessment: An ongoing assessment of the stability and predictability of the regulatory framework (ANP rules, tax policies, environmental regulations) and its impact on attracting and retaining long-term investment across the value chain.
7. Equatorial Margin Exploration: Close examination of the technical, environmental, and economic factors surrounding potential exploration activities in environmentally sensitive areas like the Equatorial Margin.

Addressing the identified bottlenecks, particularly regarding infrastructure and refining, while ensuring a stable and competitive regulatory environment, will be crucial for the continued success and sustainable development of Brazil's vital Oil & Gas industry.

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• 3R Petroleum (RRRP3) conclui aquisição do Polo Potiguar da Petrobras (PETR4) por US$ 1,098 bi após aval da ANP - InfoMoney. (2023-06-07). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJXJOul7Z6ajry6HOmZ2K6GdoIQpcbjZwiCkIBsxR6mpUJmxJr1BWOIk-_Xx091hRM2nu7WCZvP1TJML1uGtUd67NqwtS37iL5zDNFTFnUXb8ttfMTjBjj3gWwU9HV4OWSrsww2FMpbwjLb2w8g9CuKfjL2bZWz7R5yqNZrNY6hFzu7r_QU3AxJxROYo21rcu3uCBDZvXsJUmhDdVzFaiydktUB3HLNL2R_QL7y9Qv1aj4gzHdhdQ1PT0Kj0SemGQ4wL_7qAnQ=
• Lucro da Vibra (VBBR3) salta 234,7% no 3º trimestre; confira o balanço - E-Investidor. (2024-11-05). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIaotYghjjCL3s5kXLiIINIBpuLmA4vQbeUodQwVcGuLqwefnc7zOZ5VXT3ZsWnr6Y8IxpCaqFhz59Mc6dVUu74rJ8ODfTM4RXOW6lIFG1Er6kiDTNxbwkT8f08jsHv_0PYQz3oAjWXvGb3bnoh-PWhuKdBg_NhBZ4gK8MIQP54nboDU0OcYLXu99sgy226f8f2FQ==
• Raízen fecha o 2º trimestre da safra com EBITDA Ajustado de R＄ 3,7 bilhões e lucro líquido ajustado de R＄181 milhões. (2023-11-13). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJet_PZdUT9N--oMQM3wGRmZmhzU7g9f1YtT72yCiBftpek_KlH7IKEfzyVU9CXQmNzjKANpJ44929U7vsfEn_rtkWcD1wsEi1xP1l4pJJwj8qUWVTMhMrNKueN9zQzgRB1UXSUd22XilzRoAtpWC6_RTXe4IEbRKvRgG2DiuTkV6X4wslVZ-IrZykwsvDexW_RbgEh3ZH5dPK_GNbVoZpEgSpo96_RHSCmstzVA7gkNfYiAc78m7ZEbbPElkPy_awHVTFkYAjGmykIRIzyz41-X-Wi3-8=
• PRIO (PRIO3) com quebra de recordes em mais um trimestre - Nord Investimentos. https://vertexaisearch.google.com/link?id=5748185472206918911&lc=pt-BR&signature=ADL8S_3B2y1r4f0G3i7d5U9k8M1b4Z7v5X3q8C5r9S0t3h5z5Z8q2J7h0H6x2T0B9O4Z7U5K8Y1V5W8B0X3Q4K2J8Y1W6X9E0L0Z3
• 3R Petroleum (RRRP3) diz que novas aquisições e follow on são ... https://vertexaisearch.google.com/link?id=2741613909053566305&lc=pt-BR&signature=ADL8S_1X4g6W0q6A7m9Q1p2Y4Q7o1W2J3p8J0d3L2r4R5x1e2Z3r7F1j2X4e5T9O4Z7U5K8Y1V5W8B0X3Q4K2J8Y1W6X9E0L0Z3
• MM 2023: a Petrobras se consolida como a maior empresa brasileira - Exame. (2023-09-14). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKqudEY8NhHjBkjrbp-4jOVJ6PWmxcAMg6G8-wirV67i2F-BkTGgxl4ZV4KMOxq_wMCSd7KZ2M_PtV8ok6lL-L7beUz9KWMj0W8H12vcCMX6pn5wv4FBizBVHgzr1roLiV8IF2u-u2Bd5i2EQ==
• As 100 maiores empresas do Brasil - Aços Piasentin. (2024-11-14). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ4EqD7MPkVja3RUZ8ZbVpLEBSRvAP7fmGcFJDN_AmsqFvFHJp8LsZSyQq1ikUsC5nCgvBAv6B1HPIVuxb6bTqj1HpWSP5m0TAASC5t1yzuiqKrlyDq3dxNJNXJE3fHpecHs8HpF5naqKpgkEcvhTT4k9rkaAQf3nbxidz_MYEdJo2q21A=
• Raízen tem lucro líquido de R$ 1,1 bilhão - Poder360. (2024-08-14). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK_LgoD0UaEEH2_lo-LW3H63XpYbczDKj6z-aWwRbcGxIpIaI_feN5fbyuci2LynlFCHIpiWx4fuoAojdKipvjc87ffxMSzjrBO8FL3t8uc9nGGpcJpPqavv0_1UVFTT7Gj6FllvZmSLPtsAIsQ8OuW2R_ysoy8vpra3tjnVxQ58hqj2BHzwptYGA==
• Vibra (VBBR3) vê lucro crescer mais de 5 vezes no quarto trimestre, para R$ 3,3 bilhões. (2024-03-04). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIrzFhkj2rl7gTsnPm8Kv0SJwDSB73zBSIfPLHBehbPbd0vY75avwMtJdqgbxoGlTUvrwuXxqATF9kgYAPXoH7RUj4Nb_xQDvdGsR_-gc1ITut-5caXl5ZIeqKNBCcOq7IeDcq-cIuApr5NhY_Cx64AY_AQjdmYuIjO6sDpSegTmcf5XMgtJ2iLZA==
• Quanto Prio (PRIO3) produziu em 2023? Veja números preliminares - Money Times. (2024-01-04). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIhQ65VmGUV09Onj_qcforTzfs3SwNpXBMMBH61gIyESFLtRjkGXNe01NbgdOt9cXu1JRtaUGYEJYMKeU3eT3roWMgLbSU-av35ayYKaKis2Kh0ndJoqAUEKLcAFJwyF_OOUYk3Dub6NXnZgsBrjcC8dqY6HMCpBebnD9w6tE6MI2EiOWcKNV1JJ_yVEC2aVm-e
• PRODUÇÃO ANUAL DA PRIO MAIS QUE DOBROU EM 2023 - Petronotícias. (2024-01-05). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJoyJ8AQ57Qqa7HLZ_ljLEz4Dn1Nkb6zgQD0wK0OYgcnTXxyCFW8UZ1Oew_RXxwN0KUNPIRws-Hqpm3RFS-dgz56LDaTvzouAfk_5RopOsbNJ2IWgG-efe5vIGA6k8AHMfm7NHnPPbP6otdw2RG8aJo7y2acpDyQy0ZaPrWoL7eWDXl
• Anuário Estatístico Brasileiro do Petróleo, Gás Natural e Biocombustíveis 2023 - Portal Gov.br. (2023-10-26). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIN_-9WIg3_zf1q8mTmsB3TXyqIpTDwhmIyvn_AKRT2lshlKpHUjSCLOMtCYUJbJj6Hltns1yCzYQlI02PWBcuvad6RSF_TanGLI IBVUtBVBOfpMFJ96L9yElV7iIxjhxFsLHV2Ik3AgXc73pKvIzxGWq21f-7Xv-qKhsIGrITOGkckUZUDck--dVmyFOqbZ-ZX5iJ1rmDJAZ2qTe6kA1eCvoekMMnmIMAbElu1qA==
• Vibra Energia – Wikipédia, a enciclopédia livre. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJmwkGm8VcmCtpA1M9_5ji1Tp3Anbp7L20GLIV0u79sb_Ah13hGJZ0k3InnRO4ljfArrPslW9AXSEvHvBnPmXV-bfFCMXzSu9OG8jTZzTMWhWpJn5jFy9j5RFhjtzbttcN
• MM 2024: As maiores empresas do Brasil - Exame. (2024-09-18). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJBmBtTqwWYcbf13PmNea3Eo5e6hnUTtLyetQqL2Uv93Iy-3Ds7hyngh5iiFsE5LAgJSCxfHxLOXd2ccfddyDzOMwMq1a7kl6Ai5z91ufb4zpxQaZm8fxGHyoWoEHyx8v4oi2MJ9-jM9BN5b7c=
• Ranking das 1000 maiores - Valor Econômico - Globo. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJxNYsWdwgz4CnKvU80JGTIRKVtjuhCnn3putxlp3CvqsHtVjiUGY59UxOJfFnX0SGUErk7hDq_ZmexirSqkkjriJPMwsCJCi4Uw0pOgrpZRgDhy67hQI1-c1VmmZNax4-fc2OKZ6Q2WP35zKxoHYMI901a5qRqePLxbUu_3ms59up4rAtj6rxY4y-6
• Lucro da Shell a US$ 7,73 bilhões surpreende no 1º trimestre - CNN Brasil. (2024-05-02). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIw-efV9MTfgsOvYxR8G2RQN0bL_Cef4mBLB1T_RaocNQwr0eAXwV_hWBNOMgpRz8i4l4WKFFAtZYMHtMryFW6Vhs-hMhSC5HHeTNMRyMowGOA6RDaR_VNYzEyHy0vsu2I9MN9VUfSQazAM6cUPvqsAM2V1J-V5zjdjXFp7J-1bPFhm0HSL_XKZWirSzWjtytleZqILiZ-dVNENnwJUrNmO
• Investimentos em produção de petróleo e gás podem ultrapassar R$ 600 bilhões nos próximos cinco anos (2025-2029). (2025-02-14). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALOtnDg595WYuTJtFY5AxLyJtnqP3NbIG5y9GmAsnLaKRD2HHHrDfB_jrFzHLzvwB0I5uPZOBGT4JIx_6uRpy1qsgXYOrSB7k2PoUEQ-3WlsjIZapI2_zWd2xwMwgYPs896FFEgZoHtdkYOswCiCaJYdjr03xhmtN4qsQNxl-Wv9Ure4_PqJv63aCVA9zWYnUoTm_hWSPeOTmTufzg_dr-58mt0qSLUDxUj-wPwPlV80RcPric3jo_eseEGXuieRZ6UktriLJhTKY3bVxvcoVduxPKFXD0TRwa1f0RULRs7yqGO4wBAVIONrHEmRUEUHD9DJA==
• País teve comercialização de mais de 130 bilhões de litros de combustíveis em 2024. (2025-02-14). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKljN_I7aF7JfLtdedvEhfFWosgjXW_jaFr1DYSInEojTDFSLBfgq2OZCZZfH4UeXYWW9R8I9tI2o5_0TIs7W6djqhrhcQqFktlsnrgTaTGBs7e1ZfgsqQK6XqZOaT7ToDKvbgOT5H7dBVyFfHHbuqzbz4RYVdqdyxF0Ko_MqZZG56RokR4cT7GohMOV8grsXwDeDCGUaoOQvBbzpV7gz5znKFvOU7a6_QzN0R-Dvi1FqdcnfCIqpwdRmnsQxkVVOyL9HMZqt4BnNYRaEUUuznq46tPHuWXLw==
• ANP prevê investimento de R$ 10 bi na exploração de gás e petróleo - Agência Brasil - EBC. (2024-09-02). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJC4c1lSivXfcPIDz-RIjbH7ce5eigyfLR8t7ICjzlgjYzC5S4OtGEW2_d4Mr7UfJ66IGQT3hLuRIzGqStkPe0Gc9lYONIJzhCtI-MPXM1cDKtQ2jZhHOyvZZm9_Vof3ULs8UsAzrWx4BRL95AlzZReTNjQRIZnqvBw2XianrDK7JcHGvUhLahkIpmh1rThDH-T7oqkFFHjsWNLaQ7PG6DuHGGLyHyNgftIu3BVGGnPe5g=
• Brasil vende mais de 133 bilhões de litros de combustíveis em 2024 - Agência Brasil. (2025-02-14). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIn6SBQ9r_ZZbpmpIGme6Dm8f04n_4uevj9tCE-mnWY2fQRi0JTIy3uk0ycRUF_cmVwEiQ-L2jt-LxyXH9vKDMYJMTak1cVW4_pNqFwJr16107rIckTr6J37LXYbD00sZdvKz_15gvawI3e0hNZNkbQZYkG0FTtOsdAF36q1P1hXo4zZDFtqQR-x7Bht_aioHHz4NWW1IFcpSMeDMblYCIqa_4Nc6XzX3e67MletFrNnkIOMDOa-uh4McnfnJY=
• ANP prevê R$ 18,3I bi de investimentos em exploração de petróleo e gás até 2027. (2024-09-02). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAL3U3n1gme8v1QfsyNTi1DbYxMaw5kPZ75ozxiCxUPfi9j8Nln_NYD-U3U1rXUBzIMxg4AF3xPOdmt43RG0V7qsrVdpU_3VplF-PBaRDB_W3Kdec6euMG5Hhnsx2jz9gsZ0rgpQmutpFvzZ3ewpGZMZOiCuPcKNCcGylKrdbrJ7oUvp9zy5OirGEDF3yyraMELmV7HsFJW8aj1PxUSKkPShLCqTDCT847MXQwXHBw6XAw9QPEJIyAcrYeECpN_09Ed0zPil3KvTIaTW
• Petrobras prevê investimento de US$ 111 bilhões entre 2025 e 2029 - Agência Brasil. (2024-11-22). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ7RjHVxPnw9OulHpjQMV8bFn-KvsMIlSvJAESPDVyJypW_e3s216xRr9tLQ6pUp13ydyF7wcJXJUCVr_WPeuE-CFbqgjVOcp-Gw0ZgbN92_QpH91mvNLXNUMvntV1_MiXf6r8vk4WfLiVz8-src3OUp1tNl7RDY--ZcNxDrg0p1uOM6Y0pskknMGQOPL-84e7fTBeNFQqwe35aEs1x6YC-MLydDU48QrbikM6wdBYYzg==
• Cenário para cadeia de óleo e gás é bastante otimista - Sebrae. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK8Uc5Vo9ZBqaC3NN9fAVhZxOF1v9kdWdVa3vEa5pQ3YCVOoxbuEqOk7-4uGdUZiE12M-UmKTyARWyMfhtzrt4raRjo5-NXfHAF7M64gYIvotZvBQvRD6pXZhXe9XuYBy75pHsh5cAfgNR65fLx635I5KAYH3cWLH_rZnK5s_Imya4RNt4UOa3iwcOPjmrVizY1Zh9XNo5GM6bFSUpoXvVDUAkxCIy8VAZ1pqdoaJux_jT8589O_9eCSb9Hjmmxo4DqxgeYrNTB
• Análise do tamanho e participação do mercado de petróleo e gás no Brasil- Relatório de pesquisa da indústria- Tendências de crescimento - Mordor Intelligence. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKp0gE7wyz9B_ro0B4IsSOJ_JZHli7q1oIOGxHgP_EnneHYNj5-iJwohHTvspyiXJt_16l3TcCTUJwpueNX1uTJ-XGZZTMY3gPlV2aP-LJ2H8O61Gdovk6i6sU28bkVomjnkGvfz1Gzms1mKPBhtTGFXcwuKhQBnWIkQRClh6uIiCU4SbfpzQ==
• Vendas de gasolina, diesel e etanol cresceram em 2023, diz ANP - Poder360. (2024-02-01). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIYOjIOwd-Y840H6Lr9yFl9OzR28duPnEmczQ7IMH8CQrkcRYowI-tuzzpO_LoZOneX4JNnayXiz6lINdgYDnsYNsxkaaXKEZg_vwnD5apTqqco6nVZmIb1TkBYCnWJF_EDU-j95fLmYIm_HvcykRjQ3YAT7sXiIdECQ6EWl1FKF_ertElM16rigV7gtP1ANhBPYZnmx-Em
• PETRÓLEO E GÁS NATURAL - Banco do Nordeste. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI9zKPY1-_OwTnKnjjkJ3cJHd8GyZNpxU1vctSwQfy6bYzYDWDmyf9vIe9HQ5fbC3gknM3ccFUEBAdsePVEDZHP96eSC1X7s0C0IbDJ-xYKU458xjrG1U5qvjQivm0QPUFvR9oosd0cIi1RftVTZ0T-lfsNZwJj7UA=
• Investimentos na fase de exploração dos contratos de E&P podem chegar a cerca de R$ 10 bilhões em 2024 - UDOP. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKMb17d_ctljvvaiULD2-AT_pqRkqKE5tfsYfTgbTxkQ3tfGqSVNW0fpW5FE6Fds-tUd8yWv2Rm6kEBeexad8B9AZukqaf2k96b5rGqsUDclg5O1MQtYRm2plleua9lvnGZD3f35QtggYSWwW_W8F2IvookhWnY7v3roIyQL0LqX6B0yOOpbaQjijCkgcjAgIuYKxtoHOMXxHkzanUlwj_0BZveE9gusL12Dj2ZetrZzzlSWLKRe3JCmKn9lK9U
• Setor Petrolífero - Cadeia Global de Valor. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKsM6ObSkmobjTEZmeH_gcJVThkywM42LBr64fPl8F2MIQyfDUQNS_OGfOUiPqzoBuarEaHMlSiKFT3J7VEnIsZjIOU23bSGd4Sp2NbAgY2SmNMB1DkW-Jd5BB3FGvL5UCLCfFOGNHBo0F8nTs4ICzSBNVpLprTr_djJqY8hm8=
• DISTRIBUIÇÃO ESPACIAL DA CADEIA PRODUTIVA DO PETRÓLEO: - Repositório Institucional da UFPB. (2022-07-02). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIpgUrhqXq6nZ5618IWEfeKBULZBSQwDCTEx-VOKiHAKGxjDAOPwB_JUe4aaYMk0Xm4lfr0dqNcb91n4fqNe8qjQYhZz_gscuv4PFR9ZJVAYZxrzRD3fpc_E3J8lUwk3zgMub0x5qmS436wg2eJNE_-TmDZ2kgpxddlJwOJKy9rQqdfmzA=
• Anuário Estatístico Brasileiro do Petróleo, Gás Natural e Biocombustíveis 2024. (2024-06-28). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKyO4OUuk8_LbkSvitOkwFH4_diodbiEy4mPEutET3mPwcgdNCg7vOCcdlXAwL1EqHVe0zYmm8RogVrzd2ezHQE7Nifm0JQ8BKMiynWpNQKmImfRsaMKnxQ18Kr5yb7DvP6ivxDiDOneTHC15DyVyNH9ZMkju8KazD5KPYkS405YJpzgEeHhj0_oYn6LY6LEcA8OqAB41QkU9FhGSU5Cw0GU-FJ6zjjGaGFyoMWYnFRReMfyBjEM8GWbiIbqPPNoCWks8-gUV-lVfwuUu9eRl6meb5CY9u
• ANP divulga dados consolidados da produção de petróleo e gás em fevereiro de 2025. (2025-04-01). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ2tHbb0txNFFtMncLWzoBG-oUKMnLHj8bMoW2PUgQIALwXjZGyT0cicMC69__QrtFp8nxz6tRc7roPP1kRtHJUBFzJ0IgxFB3CKdVA3jqjNT4g6vRLFg58qxw_Qw8buiL9DB_69wUYTxrgXILxhXB-4z3r1t5bZkcfbRzRPtKftWF1ICInVVdQWL5lolgR1yQFHBCI11Eye4dYA5hIf1DdoKImflbh6JvNFHYothtRZo1uWOEK32MkW9gGCnC_sKqCIbqMov3lz0eQw-HSMjpJKdxvySMS
• ANP divulga dados consolidados da produção de petróleo e gás em janeiro de 2025. (2025-03-06). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI1DRr25QNlMPFPx17s9h_8gw552sptnSd4HneyuI7F4kuoZvEwCkkYs7cmL2AMUSDaXx5q8K93x3NvvAmzRl2Fv7vCU35Cs8XjjgcxuYO9gn6DUYBm9x1-VcXzD7szpRMuclCnMQv1-nP2gd5WrB6x4paAtp2OikXRCWQZgw5zsjT77-E_XhIk6zIM2k-LA_5rVSlQIL87KeL0ehtZD5yYglTAJTiYgqQefy7yDbnHhSxYBgcZREYP0S3FOl09ld_214SdGSe0a14YuvHnbKNEsmQILg==
• Produção de petróleo e gás no Brasil sobe 9,3% em março ante março de 2024, diz ANP. (2025-04-28). https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJwiDea4buqcq3p9vbSE9Os10tP-GIdUtDNTYwINO847Z62M21624ccMasQGv7ybko5QLC6Z4oXCoXMo_jEIkj7y5E34mrRgb2drI2S2pq5zvLatOHdJcxdDbhxDazuVJTBQv1hx-tMDdK-1hHLKSVsj7tYIzQDeOgRVCRWexyuoxJ5qLlzdHp5AAsmYaV7Wtw5ERq7pCFCrsmrH1bwyk77vc2OP80=
• Estudo indica importação de derivados nos próximos dez anos, em que pese aumento da posição do Brasil como exportador de petróleo. https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKs1xTmX4jLeby4eBB6J2g12utA186hwHMA8PxOISBFLyTBs8P2W8yj-VTpZBLvtfuvl3zQNUUo81GuoLs4CExi-vH0BJsHfU_c1EK84UymqDp_sabPRS0fGbffPUs2QjPj2LmOLC3-HSNK2Om0HjhqtXh5--R4xd64jRUnosE7S519TF1-TnJqCaMJExl4-pMybGbiwZ0XZ0Rniy-mIsSaNjVepqq22D6yEQE4tD2a0I45ke8kb3M0gpIviMMSNy32D9OGIIwMR4wz_6S5yqdxl2O4D-keg_ipO5Xni5JmXczLkU==
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