Brazil 

International energy data and analysis

Source: Central Intelligence Agency, The World Factbook

Last Updated: December 29, 2014 (Notes)

full report

Overview

Brazil is the 8th largest total energy consumer and 10th largest producer in the world.

The U.S. Energy Information Administration (EIA) estimates that in 2013, Brazil was the 

eighth-largest energy consumer in the world and the third-largest in the Americas (North 

America, Central America, the Caribbean, and South America), behind the United States and 

Canada. Total primary energy consumption in Brazil has increased by more than one-third in 

the past decade because of sustained economic growth. The largest share of Brazil's total 

energy consumption is oil and other liquid fuels, followed by hydroelectricity and natural gas.

Preliminary statistics show Brazil was the 10th largest energy producer in the world in 2013. 

In addition, Brazil has increased its total energy production, particularly oil and ethanol. 

According to the Empresa de Pesquisa Energética (EPE), ethanol production represented 

19% of Brazil's total energy production compared to 15% a decade ago. Oil remained at an 

average of 41% of total energy production as total energy production increased 36% in the 

past decade.1

 Increasing domestic oil production has been a long-term goal of the Brazilian 

government, and recent discoveries of large offshore, pre-salt oil deposits could transform 

Brazil into one of the largest oil producers in the world.

Page 1 of 11
Petroleum and other liquids

Brazil was the largest producer of petroleum and other liquids in South America in 2013.

Sector organization

State-controlled Petróleo Brasileiro S.A.(Petrobras) is the dominant participant in Brazil's oil 

sector, holding important positions in upstream, midstream, and downstream activities. The 

company held a monopoly on oil-related activities in Brazil until 1997, when the government 

opened the sector to competition. Royal Dutch Shell was the first foreign crude oil producer 

in the country, and it has been joined by Chevron, Repsol, BP, Anadarko, El Paso, Galp 

Energia, Statoil, BG Group, Sinopec, ONGC, TNK-BP, among others. Competition in the 

sector is not just from foreign companies. Brazilian oil company OGX, which is staffed largely 

with former Petrobras employees, started to produce oil in the Campos Basin in 2011.

The principal government agency charged with regulating and monitoring the oil sector is the 

the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP), which is 

responsible for issuing exploration and production licenses and ensuring compliance with 

relevant regulations. Recent legislation concerning pre-salt exploration and production has 

changed the operating environment somewhat. See the "Presalt Oil" section for a full 

discussion.

Reserves

EIA estimates that in January 1, 2014, Brazil had 13.2 billion barrels of proved oil reserves. 

According to Brazil's oil regulator the Agência Nacional do Petróleo, Gás Natural e 

Biocombustíveis (ANP), Brazil had 15.6 billion barrels of proved oil reserves as of December 

31, 2013, the second-largest level in South America after Venezuela. More than 94% of 

Brazil's reserves are located offshore, and 80% of all reserves are found offshore near the 

state of Rio de Janeiro. Offshore the state of Espirito Santo held the next largest 

accumulation at 9% of country's reserves.2

Production and consumption

More than 91% of Brazil's oil production is offshore in very deep water and consists of mostly heavy grades.

In 2013, Brazil produced 2.7 million barrels per day (bbl/d) of petroleum and other liquids, 2.0 

million bbl/d was crude oil, and 527,000 bbl/d was biofuels. Petrobras accounted for 1.9 

million bbl/d of domestic crude oil and natural gas liquids (NGL) production.3

 Of Brazil's crude 

oil production, more than 91% was produced offshore, of which 79% was developed near the 

state of Rio De Janeiro, primarily in the Santos and Campos basins. A growing share of 

production is coming from Brazil's relatively recent discovery of oil deposits in the presalt 

layer. In 2013, crude oil production from the pre-salt layer was 303,000 bbl/d. This accounted 

for 15% of total production, a significant increase from 0.4% of total production in 2008 when 

oil from the presalt was first produced.4

Brazil's liquid fuels consumption continues to surpass its production. In 2013, Brazil's 

demand for liquid fuels broke the 3.0 million bbl/d mark, while its domestic production 

continued to remain relatively unchanged at about 2.7 million bbl/d. EIA projects that 

consumption will continue to be greater than production through 2015.

Brazil announced in September 2014 that it expects the country will produce 4.0 million bbl/d 

of crude oil by 2020-22 and export 1.5-2.0 million bbl/d by 2022, buoyed by the discoveries in 

its presalt oil fields.5

 This production level represents a downward revision from its 

expectations last year of 5.0 million bbl/d of production and exports of more than 2.25 million 

bbl/d by 2021.

Petrobras projects that the company will produce an average of 2.9 million bbl/d of oil 

domestically between 2013-20 and average 3.7 million bbl/d between 2020-30, according to 

its latest business and management plan.6

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Downstream

According to the ANP, Brazil had a total of 2.2 million bbl/d of crude oil refining capacity at 16 

refineries in 2013. Petrobras operates 13 facilities that produce 2.0 million bbl/d of product.7

The largest facility is the 415,000-bbl/d Replan refinery in Sao Paulo. Because Brazil's oil 

refineries do not have the technical capabilities to process heavier crudes, the country must 

export some of its heavy crude oil and import light crude oil. With domestic demand growing, 

Brazil's refineries are currently operating at 98% capacity.8

Petrobras plans to increase its Brazilian refining capacity to more than 3.2 million bbl/d by 

2020 and by 3.9 million bbl/d by 2030 to meet anticipated domestic demand. Under the 

company's 2014-18 business and management plan, Petrobras will build four additional 

refineries with one coming online this year to meet this goal.8

 The Abreu e Lima, a 230,000-

bbl/d refinery, came into operation in December 2014. The refinery initially began as a jointventure with Petroleos de Venezuela (PdVSA), but it moved forward without PdVSA when it 

was unable to provide the 40% equity ($17 billion).

10

Exports and imports

The United States imported 110,000 bbl/d of Brazilian crude oil and exported 179,000 bbl/d of petroleum products to 

Brazil in 2013.

According to the ANP, Brazil exported 381,000 bbl/d of crude oil in 2013, a 31% decrease 

from the previous year. The United States imported 110,000 bbl/d of crude oil from Brazil in 

2013, a decrease of more than 30% from 2012. Because of increasing U.S. domestic supply 

and growing Chinese demand, China became the largest importer of Brazil's crude oil in 

2013, importing 115,000 bbl/d. The third-largest destination of Brazil's crude oil after China 

and the United States is India, which imported 49,000 bbl/d in 2013.11

To meet the rising demand, compensate for its fuel price subsidies12, and supplement its 

underinvested refining sector13, Brazil continues to be a significant importer of petroleum 

products. In 2013, the country imported 528,000 bbl/d of petroleum products, an increase of 

12% from the previous year. The United States exported 179,000 bbl/d of products to Brazil 

in 2013 and was its largest source of imported products. Brazil's imports of petroleum 

product from the United States rose 8% from the previous year and increased 225% 

compared with the level five years earlier. India was Brazil's second-largest source of 

imported petroleum products at 72,000 bbl/d of products to Brazil.14

The transportation accounted for the largest share of petroleum products demand. Because 

of continued fuel price subsidies and struggling refining sector, more than two-thirds of 

Brazil's petroleum products imports were for the transportation sector in 2013. The largest 

import was 177,000 bbl/d of diesel oil; India supplied 72,000 bbl/d and the United States 

provided 59,000 bbl/d of the total.15

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Biofuels

To address the country's dependence on oil imports and surplus of sugar cane, the government implemented policies to 

encourage ethanol production and consumption beginning in the 1970s.

Brazil is the second largest producer and consumer of ethanol in the world after the United 

States. According to the ANP, in 2013, Brazil produced 479,000 bbl/d of ethanol, an 18% 

increase from the previous year.16

The government raised the ethanol blend requirement in gasoline back up to 25% in May 

2013. It is now considering an increase to 27.5% as a measure to reduce gasoline imports.17

In 2013, Brazil exported 50,000 bbl/d of ethanol, 81% of which was shipped to the United 

States, South Korea, the Netherlands, and Japan. The United States imported 30,000 bbl/d 

of ethanol from Brazil in 2013 and 35,000 bbl/d in 2012, a significant increase from 12,000 

bbl/d in 2011, as U.S. policy in 2012 lifted domestic tariffs on Brazilian sugarcane.18

Brazil also produces biodiesel but at smaller quantities. In 2013, the country produced 

50,000 bbl/d of biodiesel. More than 80% of production was concentrated in the south central 

region of the country.19

Presalt oil

The world's largest oil discoveries in recent years have come from Brazil's offshore, presalt basins.

Page 4 of 11
In 2005, Petrobras drilled exploratory wells near the Tupi field and discovered hydrocarbons 

below the salt layer. In 2007 a consortium of Petrobras, BG Group, and Petrogal drilled in the 

Tupi field and discovered an estimated 5-8 billion barrels of oil equivalent (boe) resources in 

a presalt zone 18,000 feet below the ocean surface under a thick layer of salt. EIA defines 

ultradeep drilling in the Gulf of Mexico as 5,000 feet or more. Further exploration showed that 

hydrocarbon deposits in the presalt layer extended through the Santos, Campos, and 

Espirito Santo basins.

Presalt oil is generally characterized as oil reserves situated exceptionally deep under thick 

layers of rock and salt and requiring substantial investment to extract. The large depth and 

pressure involved in presalt production present significant technical hurdles that must be 

overcome. Further, the scale of the proposed expansion in production will also stretch 

Petrobras' financial and technical resources.

Petrobras plans to develop its major pre-salt assets in three discrete phases: 1) extended 

well tests; 2) pilot projects; and 3) large-scale production through multiple, duplicate floating 

production, storage, and offloading (FPSO) facilities.

Following Tupi, many presalt finds were announced in the Santos Basin. Pilot projects in the 

Lula and Sapinhoa fields began production in 2009 and 2010, respectively. In 2013, Brazil 

produced an average of 303,000 bbl/d of oil from its presalt fields. In October 2014, Brazil 

produced an average of 607,000 bbl/d of oil from the presalt fields.20

With the exception of the Libra field, all presalt areas currently under development were non 

competitively granted to Petrobras. Through the Transfer of Rights Agreement of 2010, in 

exchange for $42 billion (USD) of Petrobras shares, the government gave Petrobras rights to 

explore and produce 5 billion boe from six presalt areas in the Santos Basin: Florim, Buzios, 

Sul de Guara, Entorno de lara, Sul de Lula, and Nordeste de Tupi. Petrobras discovered 

significant reserves in addition to the original 5 billion boe. In June 2014, the government 

granted Petrobras the rights to produce surplus volumes estimated at 9.8-15.2 billion boe 

found in the Buzios, Entorno de lara, Florim, and Nordeste de Tupi areas. Petrobras expects 

first production from the Transfer of Rights areas by 2016 and from the surplus volumes by 

2021.21

In October 2013, Brazil concluded its first presalt licensing round for the Libra field, estimated 

to hold 8-12 billion barrels of recoverable reserves. The lone and winning bid was a 

consortium of Petrobras, Royal Dutch Shell, Total, and Chinese national oil companies China 

National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation 

(CNOOC). First production is scheduled for 2017 with peak production of 1.3 million bbl/d by 

2030.22 Brazil anticipates oil production from the presalt layer will account for most of the 

projected growth from 2020-30.

In November 2013, a month after concluding its first pre-salt licensing round for the Libra 

field, Brazil's Petrobras announced its discovery of the Franco field, a presalt finding, which 

could be larger than the 8-12 billion barrels of recoverable reserves found in the Libra field.23

Additionally, in May 2014, Petrobras made another presalt finding of potentially 5 billion 

barrels in the Entorno de lara block.24

In its 2014-18 business and management plan, Petrobras laid out plans to invest $153.9 

billion in exploration and production, representing nearly 70% of Petrobras' total planned 

investment including downstream, distribution, international activities, etc. More than 53% 

($82 billion) of the total investment will be in presalt exploration and production activities over 

the five year period.25 The company is shifting its focus away from downstream and 

international expansion to the domestic upstream sector. Petrobras may have to further 

divest its investments into the domestic upstream sector with the addition of potentially 

billions of boe as a result of the surplus volumes from the Transfer of Rights areas. 

Page 5 of 11
Brazil Libra and Transfer of Rights Fields

Source: Petrobras

Regulatory reforms

In contrast to the earlier concession-based framework, Petrobras will be the sole operator of each production-sharing 

agreement and will hold a minimum 30% stake in all presalt projects.

The Brazilian government passed legislation instituting a new regulatory framework in 2010 

for the presalt reserves that includes four notable attributes: First, the legislation created a 

new agency, Pré-Sal Petróleo SA, to administer new presalt production and trading contracts 

in oil and gas industry. The second component allowed the government to capitalize 

Petrobras by granting the company 5 billion barrels of unlicensed pre-salt oil reserves in 

exchange for larger ownership share. The other two components established a new 

development fund to manage government revenues from presalt oil and lay out a new 

production-sharing agreement (PSA) system for presalt reserves. In contrast to the 

concession-based framework for non presalt oil projects, where companies are largely 

uninhibited by the state in exploring and producing, Petrobras will be the sole operator of 

each PSA and will hold a minimum 30% stake in all pre-salt projects. However, to incentivize 

companies, the PSA will also include a signing bonus of $6.6 billion (USD) and a low-cost 

recovery cap.

In its first and, thus far, only competitive licensing round for a pre-salt field, the winning bid 

was a consortium made up of Petrobras (with 40% stake), Royal Dutch Shell (20%), Total 

(20%), CNPC (10%), and CNOOC (10%).26

Natural gas

Although natural gas accounted for 8% of Brazil's total energy consumption, the country has the secondlargest reserves in South America, located primarily offshore in the Campos Basin.

Page 6 of 11
Sector organization

Petrobras plays a dominant role in Brazil's entire natural gas supply chain. In addition to 

controlling most of the country's natural gas reserves, the company is responsible for most 

domestic Brazilian natural gas production and for natural gas imports from Bolivia. Petrobras 

controls the national transmission network, and it has a stake in 21 of Brazil's 27 state-owned 

natural gas distribution companies. In the upstream and the midstream sector, the Ministry of 

Mines and Energy set policy, and the ANP is the regulatory authority. In the downstream 

sector, regulation is overseen by state agencies. 

Reserves

EIA estimates that Brazil had 13.7 trillion cubic feet (Tcf) of proved natural gas reserves at 

the beginning of 2014. The ANP estimates that, at the end of 2013, Brazil had an estimated 

16 trillion cubic feet (Tcf) of proved natural gas reserves, second in South America after 

Venezuela. About 85% of Brazil's natural gas reserves are located offshore, 66% of offshore 

reserves are concentrated off the coast of the state of Rio de Janeiro. About 72% of the 

country's onshore natural gas reserves are located in the state of Amazonas.27

Production and consumption

Along with the potential to significantly increase oil production in the country, the pre-salt areas are estimated to contain 

sizable natural gas reserves as well.

In 2013, Brazil produced 911 billion cubic feet (Bcf) of gross natural gas, of which 752 (Bcf) 

was dry natural gas. More than two-thirds of the gross natural gas produced was associated 

with oil and over 50% of associated natural gas production occurred in offshore fields in the 

Campos Basin off the coast of Rio de Janeiro. About 72% of non-associated natural gas 

production occurred primarily offshore the states of Sao Paulo, Bahia, and Espirito Santo. 

And 68% of onshore production occurs in the states of Amazonas and Bahia and is mostly 

for local consumption because of the lack of transportation infrastructure. Brazil also 

produced natural gas from its pre-salt fields amounting to 131 Bcf in 2013, a significant 

increase from 4 Bcf in 2008 when it first began producing from the pre-salt areas.28

Brazil consumed 1.3 Tcf of dry natural gas, with imports from neighboring countries adding to 

domestic production. More than 900 Bcf of dry natural gas went to domestic consumption, of 

which 75% went to natural gas distributors, 14% to refineries and some to fertilizer plants, 

and 11% went to electric generators.29 Petrobras expects domestic demand to increase to 

1.7 Tcf by 2020 largely from increased demand from refining and distributors. The company 

plans to meet this demand by increasing domestic supply by 110% and increasing liquefied 

natural gas (LNG) imports, while keeping pipeline imports relatively unchanged.30

Recent announcements about additional discoveries in Brazil's offshore presalt layer have 

generated excitement about new natural gas production. Along with the potential to 

Page 7 of 11
significantly increase oil production in the country, the presalt areas are estimated to contain 

sizable natural gas reserves as well.

Pipelines

Petrobras operates Brazil's domestic natural gas transport system through its subsidiary 

company Transpetro. The network has more than 5,700 miles of natural gas pipelines, 

predominantly along the country's southeast and northeast areas of the country, from the 

state of Rio Grande do Sul to Ceara. For years these systems were not interconnected, 

which has hindered the development of domestic production and consumption. However, in 

March 2010, the Southeast Northeast Integration Gas Pipeline (GASENE) linked these two 

markets for the first time. This 860-mile pipeline, which runs from Rio de Janeiro to Bahia, is 

the longest pipeline ever built in Brazil.

The other major natural gas market in Brazil is the Amazon region. In 2009, Petrobras 

completed construction of the Urucu pipeline linking Urucu to Manaus, the capital of 

Amazonas state. This project is expected to facilitate development of the Amazon's 

considerable natural gas reserves.

Imports

Brazil imported 599 Bcf of natural gas in 2013, a 27% increase from 2012. Bolivia accounted for more than 68% of 

Brazilian natural gas imports.

Brazil imported 599 Bcf of natural gas in 2013, a 27% increase from 2012, as a result of 

large increase in domestic gas demand. The country currently receives natural gas imports 

by pipeline from Bolivia and Argentina and LNG imports primarily from Nigeria, Qatar, Spain, 

and Trinidad and Tobago.31 Total imports of natural gas increased 26% in 2013 compared to 

2012, LNG import growth (59%) accounted for much of the year-on-year change.32

According to the Ministry of Mines and Energy, Bolivia accounted for more than 68% of total 

Brazilian gas imports and 99% of its pipeline imports in 2013. Brazil imports natural gas from 

Bolivia through two pipelines. The Gasbol pipeline, established in 1999, links Santa Cruz, 

Bolivia to Corumba, Brazil and continues to Sao Paulo, Brazil. The 1,960-mile pipeline has a 

maximum capacity of 1.1 Bcf per day (Bcf/d).33 The 98 million cubic per day (Mcf/d) San 

Matias pipeline runs from San Jose de Chiquito, Bolivia to San Matias, Brazil, and then 

connects to the GasOcidente pipeline to supply the Empresa Productora de Energia Ltda 

power plant in Cuiaba.34 Despite efforts to reduce dependence on imports, Brazilian imports 

of Bolivian gas increased by 15% in 2013.35

Liquefied natural gas

Brazil has three LNG regasification terminals with a combined capacity of 1.4 Bcf/d: the 

Pecem terminal in the northeast, the Guanabara Bay terminal in the southeast, and the TRB 

terminal which opened in January 2014 in the state of Bahia.36 The facilities are floating 

Page 8 of 11
regasification and storage units (FRSU). The Pecem received its first LNG cargo from 

Trinidad and Tobago in July 2008. The Guanabara Bay terminal came online in May 2009.

Electricity

Brazil has the third-largest electricity sector in the Americas, behind the United States and Canada.

According to Brazil's energy planning company, Empresa de Pesquisa Energética (EPE), 

Brazil had an installed generating capacity of 127,000 megawatts (MW) in 2013. 

Hydroelectricity accounted for 86 MW of generating capacity, fossil-fuel sources contributed 

37 MW, and small amounts from wind, solar, and nuclear made up the rest.37

Brazil generated 570 billion kilowatthours (kWh) of electricity in 2013. Public service power 

plants accounted for 484 billion kWh, self producers accounted for 86 billion kWh, and the 

remainder was either traded or accounted for as losses. Final end-use consumption of 

electricity in 2013 was 516 billion kWh, with the industrial sector accounting for 210 billion 

kWh and the residential sector generating 125 billion kWh. The energy sector generated 30 

billion kWh in 2013. At least 71% of electricity generated in 2013 came from hydroelectric. 

Natural gas and oil represented 11% and 4%, respectively, and biomass accounted for 8%.38

Sector organization

The government plays a substantial role in the Brazilian electricity sector. Until the 1990s, the 

government controlled the electricity sector almost completely. Brazil initiated an electricity 

sector privatization process in 1996 that led to the establishment of the National Electric 

Energy Agency (Aneel). However, when drier-than-average weather led to severe energy 

shortages in 2000 and 2001, the privatization process stalled. Although the electricity sector 

was privatized in the early 2000s, the bulk of Brazil's major generation assets remain under 

government control. Eletrobras, a state-owned holding company, is the dominant player in 

the electricity market. The government also owns almost the entire electricity transmission 

network.

In 2004, the Brazilian government implemented a new model for the electricity sector. This 

hybrid approach to government involvement splits the sector into regulated and unregulated 

markets for different producers and consumers. This approach allows for both public and 

private investment in new generation and distribution projects. Under the plan, however, 

Eletrobras was formally excluded from privatization efforts.

Hydroelectricity

Brazil is planning new hydroelectric power projects, such as the Belo Monte plant, which upon completion will be the 

third-largest hydroelectric power plant in the world.

Brazil generated 405 billion kWh of hydroelectric power in 2013. Many of Brazil's hydropower 

generating facilities are located far from the main demand centers, resulting in high 

transmission and distribution losses. The world's largest hydroelectric plant by generation is 

the 14,000 MW Itaipu hydroelectric dam on the Parana River, which Brazil maintains with 

Paraguay. According to Itaipu Binacional, the facility generated 98.6 billion kWh of electricity 

in 2013.39 Although Brazil plans to move away from hydropower to mitigate the risk of supply 

shortages as a result of dry weather, new hydro projects continue to move forward. Most 

notable among these projects is the Belo Monte plant in the Amazon Basin, which upon 

completion will be the third-largest hydroelectric plant in the world behind China's Three 

Gorges Dam and the Itaipu Dam.

Nuclear power

Brazil has two nuclear power plants, the 640-megawatt (MW) ANGRA 1 and the 1,350-MW 

ANGRA 2. State-owned Eletronuclear, a subsidiary of Eletrobras, operates both plants. The 

Page 9 of 11
ANGRA 1 nuclear power plant began commercial operations in December 1984, and the 

ANGRA 2 began commercial operations in December 2000. Construction of a third plant, the 

1,405-MW Admiral Alvaro Alberto Nuclear Power Station (CNAA), formerly ANGRA 3, 

started in 1984 and still under construction. Electronuclear anticipates that the plant will enter 

into commercial operations by May 2018.40

Notes

• Data presented in the text are the most recent available as of December 29, 2014.

• Data are EIA estimates unless otherwise noted.

Endnotes

1

Empresa de Pesquisa Energética, "EPE disponibiliza o Relatório Final do Balanço Energético Nacional - BEN 2014," (August 6, 2014) 

http://www.epe.gov.br/Estudos/Paginas/Balan%C3%A7o%20Energ%C3%A9tico%20

Nacional%20%E2%80%93%20BEN/EPEdisponibilizaoRelat%C3%B3rioFinaldoBalan%C3%A7oEnerg%C3%A9ticoNacional%E2%80%

93BEN2014.aspx.

2

Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, "Oil, Natural Gas, and Biofuels Statistical Yearbook 2014" (2014).

3

Petrobras, Operational Highlights, http://www.investidorpetrobras.com.br/en/operational-highlights/production/monthly-crude-oil-andnatural-gas-production-in-brazil-and-abroad/monthly-crude-oil-and-natural-gas-production-in-brazil-and-abroad.htm.

4

Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, "Oil, Natural Gas, and Biofuels Statistical Yearbook 2014" (2014).

5

Platts, "Brazil to Export Up to 2 million b/d by 2018-2020: ANP," (September 15, 2014), http://www.platts.com/latestnews/oil/riodejaneiro/brazil-to-export-up-to-2-million-bd-by-2018-2020-21231640.

6

Petrobras, "2030 Strategic Plan and 2014-2018 Business and Management Plan," http://www.investidorpetrobras.com.br/en/businessmanagement-plan/business-management-plan/ano/2014.htm.

7

Petrobras, Activities, http://www.petrobras.com/en/about-us/activities/.

8

Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, "Oil, Natural Gas, and Biofuels Statistical Yearbook 2014" (2014).

9

Petrobras, "2030 Strategic Plan and 2014-2018 Business and Management Plan," http://www.investidorpetrobras.com.br/en/businessmanagement-plan/business-management-plan/ano/2014.htm.

10Rittner, Daniel and Ulhoa, Raquel, "Foster diz que rebaixamento da Petrobras pela MoodyÂ ́s será superado," Valor Economico (October 

7, 2013), http://www.valor.com.br/empresas/3296250/foster-diz-que-rebaixamento-da-petrobras-pela-moody.

11Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, "Oil, Natural Gas, and Biofuels Statistical Yearbook 2014" (2014).

12Orihuela, Rodrigo and Godoy, Denyse, "Petrobras Falls as Brazil Fails to Phase Out Fuel Subsidy," Bloomberg (December 2, 2013),

http://www.bloomberg.com/news/2013-12-02/petrobras-fuel-price-increase-puts-limit-on-subsidy.html.

13Blount, Jeb, "Analysis: Petrobras Fuel Woes Make Brazil Dependent on U.S., India," Reuters January 22, 2014), 

http://www.reuters.com/article/2014/01/23/us-brazil-refining-analysis-idUSBREA0M04I20140123.

14Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, "Oil, Natural Gas, and Biofuels Statistical Yearbook 2014" (2014).

15Ibid

16Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, "Oil, Natural Gas, and Biofuels Statistical Yearbook 2014" (2014).

17Goy, Leonardo, "Brazil to Test Higher Ethanol Requirement in Gasoline-Source," Reuters (June 18, 2014), 

http://in.reuters.com/article/2014/06/18/brazil-biofuels-idINL2N0OZ0OC20140618. 

18Winters, Brian, "Insight: U.S. and Brazil - At Last, Friends on Ethanol," Reuters (September 14, 2012), 

http://www.reuters.com/article/2012/09/14/us-brazil-us-ethanol-idUSBRE88D19520120914.

19Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, "Oil, Natural Gas, and Biofuels Statistical Yearbook 2014" (2014).

20Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, "BOLETIM MENSAL DA PRODUÇÃO DE PETRÓLEO E GÁS 

NATURAL," (October 2014), http://www.anp.gov.br/?pg=73213&m=&t1=&t2=&t3=&t4=&ar=&ps=&cachebust=1418163326605.

21Petrobras, "Petrobras 2030 Strategic Plan Surplus Volumes of Transfer of Rights," (June 27, 2014) 

http://www.investidorpetrobras.com.br/en/presentations/presentation-to-analysts-surplus-volumes-of-transfer-of-rights-ceo-maria-dasgracas-silva-foster.htm.

22LatAmOil, "Libra Consortium Signs Deal for First FPSO," Newsbase (October 14, 2014).

23Agencia EFE, "Brazil's Petrobras Confirms High-Quality Find at Pre-Salt Field" (November 20, 2013).

24Oil and Gas Journal, "Petrobras Completes Exploration Well in TOR Area of Santos Basin" (May 9, 2014), 

http://www.ogj.com/articles/2014/05/petrobras-completes-exploration-well-in-tor-area-of-santos-basin.html.

Page 10 of 11
25Petrobras, "2030 Strategic Plan and 2014-2018 Business and Management Plan," http://www.investidorpetrobras.com.br/en/businessmanagement-plan/business-management-plan/ano/2014.htm.

26Petrobras, "Libra Auction Results," (2014) http://www.petrobras.com/en/magazine/post/libra-auction-result.htm.

27Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, "Oil, Natural Gas, and Biofuels Statistical Yearbook 2014" (2014).

28Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, "Oil, Natural Gas, and Biofuels Statistical Yearbook 2014" (2014).

29Ministry of Mines and Energy, "Boletim Mensal de Acompanhamento da Indústria de Gás Natural," (October 2014) 

http://www.mme.gov.br/spg/menu/publicacoes.html.

30Petrobras, "2030 Strategic Plan and 2014-2018 Business and Management Plan," http://www.investidorpetrobras.com.br/en/businessmanagement-plan/business-management-plan/ano/2014.htm.

31Ministry of Mines and Energy, "Boletim Mensal de Acompanhamento da Indústria de Gás Natural," (October 2014) 

http://www.mme.gov.br/spg/menu/publicacoes.html.

32Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, "Oil, Natural Gas, and Biofuels Statistical Yearbook 2014" (2014).

33Ministry of Mines and Energy, "Boletim Mensal de Acompanhamento da Indústria de Gás Natural," (October 2014) 

http://www.mme.gov.br/spg/menu/publicacoes.html.

34GasOriente Boliviano, "GasOriente Boliviano," http://gasorienteboliviano.com/espanol/company/company.html.

35Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, "Oil, Natural Gas, and Biofuels Statistical Yearbook 2014" (2014).

36Ministry of Mines and Energy, "Boletim Mensal de Acompanhamento da Indústria de Gás Natural," (October 2014) 

http://www.mme.gov.br/spg/menu/publicacoes.html.

37Empresa de Pesquisa Energética, "EPE disponibiliza o Relatório Final do Balanço Energético Nacional - BEN 2014," (August 6, 2014) 

http://www.epe.gov.br/Estudos/Paginas/Balan%C3%A7o%20Energ%C3%A9tico%20

Nacional%20%E2%80%93%20BEN/EPEdisponibilizaoRelat%C3%B3rioFinaldoBalan%C3%A7oEnerg%C3%A9ticoNacional%E2%80%

93BEN2014.aspx. 

38Empresa de Pesquisa Energética, "EPE disponibiliza o Relatório Final do Balanço Energético Nacional - BEN 2014," (August 6, 2014) 

http://www.epe.gov.br/Estudos/Paginas/Balan%C3%A7o%20Energ%C3%A9tico%20

Nacional%20%E2%80%93%20BEN/EPEdisponibilizaoRelat%C3%B3rioFinaldoBalan%C3%A7oEnerg%C3%A9ticoNacional%E2%80%

93BEN2014.aspx. 

39Itaipu Binacional, "Production from Year to Year," http://www.itaipu.gov.br/en/energy/production-year-year.

40Eletrobras Eletronuclear, "Angra 3: energia para o crescimento do país," 

http://www.eletronuclear.gov.br/AEmpresa/CentralNuclear/Angra3.aspx.

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