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The oil nation that aims to double production

Brazil may be able to produce as much as 7 million barrels of oil per day (bpd) in the future, mines and energy minister Bento Albuquerque said Wednesday, without specifying a timeline for this.

The South American oil producer, which is currently pumping 3 million bpd of crude oil, may further consolidate its global position as an exporter of goods, Albuquerque said ahead of the rights auction held later Wednesday.

In October and November, Brazil holds three oil auctions for different areas under different regimes in its offshore basins.

The first auction, held on October 10, attracted major international oil companies, with Big Oil seeking exploration blocks in the bidding round that fetched a record total number of signing bonuses. The massive rights transfer auction (TOR) will be held on November 6 and the 6th Production Sharing Round will take place on November 7.

Following the TOR auction today, Brazil could see its oil reserves double to 30 billion barrels of oil equivalent, quoted Reuters as saying.

Production in Brazil is growing rapidly thanks to the start of new offshore oil fields. Total fluid production increased by 480,000 bpd year-on-year to 3.1[ads1]0 million bd per August – a record high, according to Energy Aspects. Crude oil production in Brazil jumped by 220,000 bpd during the month to 2.99 million bpd in August, thanks to rising pre-salt production.

Related: Iran's $ 280 Billion Sanction Skirting Scheme

According to OPEC estimates in its latest Monthly Oil Market Report (MOMR), production of 2.99 million bpd of crude oil was in August a highlight for Brazil.

The cartel estimates that Brazil will be the second largest contributor to non-OPEC supply growth this year and next, according to the United States. Brazil, like the United States, is not part of the OPEC + coalition, which is currently limiting production in hopes of reducing global oversupply.

OPEC's top producer and de facto leader Saudi Arabia has informally asked Brazil to join the organization, Brazilian President Jair Bolsonaro said last week, adding that he personally wanted his country to join the Organization for petroleum exporting country.

By Tsvetana Paraskova for

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