LatinNews Daily - 3 September 2024

*Brazil’s federal oil and gas regulator (ANP) has released an annual report which included projections for investments in the sector from 2024-2027, which is expected to total R$18.31bn (US$3.26bn) for oil and gas exploration. Investment is expected to peak this year, with total investment for 2024 estimated at R$9.97bn, of which around R$9.50bn will be allocated for offshore exploration. Total investment in exploration in 2025 is projected at R$7.64bn, while investment in 2026-2027 is projected at only R$701m. According to the ANP report, 2024 is expected to be a record year for oil and gas exploration, with 39 wells due to be drilled by the end of the year, surpassing the previous record year of 2019, when 27 wells were drilled. From 2024-2027, seven new wells are expected to be drilled in the Santos basin near Brazil’s south-eastern coasts, while eight wells are projected for the Foz do Amazonas, in the ecologically sensitive waters near the mouth of the Amazon River.