The government of Luiz Inácio Lula da Silva approved an energy plan on Thursday that foresees R$ 2.8 trillion in oil and gas investments by 2035.
The plan was prepared by the Energy Research Company and approved by the Ministry of Mines and Energy. It projects that Brazil will produce 4.9 million barrels of oil per day in 2035, a 22% increase over current supply.
The document allocates R$ 3.5 trillion in total by 2035, with 80% going to oil and gas. Renewables receive R$ 374 billion. Natural gas is expected to grow 71% in supply and 65% in demand.
Environmental organizations question the bet on fossil fuels. The text mentions the Equatorial Margin as promising, without citing specific investments in the Foz do Amazonas basin.
