Report: Oil and Gas, Solar and Wind Dominate Brazil's Energy Expansion by 2034

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Brazilian authorities have unveiled a new report forecasting Brazil's electricity expansion and hydrocarbon output for the next decade.

Brazilian authorities have published the 10-year Energy Expansion Plan 2034 (PDE), forecasting the South American country's development in the next decade. Solar and wind renewable energy will continue to expand, while hydrocarbon output will remain robust.

According to the PDE 2034, wind power generation will represent 17.2% of the total electricity generation by 2034, compared to the current 15%. This will be the result of wind power expansion, which is forecasted at 15,504 megawatts (MW), with 2,404 MW already contracted for 45 wind parks.

Meanwhile, solar electricity output will increase to 5.8% of the total generation in the next decade from the current 3.4%. This will come through the development of 4,547 MW contracted through 90 developments, and a possible expansion of another 8,600 MW.

Hydropower, the dominant electricity generation technology, will see its share decrease from 55.8% to 46.7% by 2034.

In the next 10 years, Brazil could see 597 billion reals (about US$104 billion) invested across the electricity sector, with centralized power generation dominating investments with 352 billion reals (about US$61 billion).

The plan also forecasts an oil production of 4.4 million barrels of oil per day (BBL/d) by 2034, with a peak output of 5.3 million BBL/d by 2030. Oil production is expected to increase by up to 47% compared to the volumes seen in 2023, with pre-salt volumes accounting for 76% of the national output by 2034.

For natural gas, production is estimated at 315 million cubic meters per day, with an output expansion of 110% compared to the volumes of 2023.

In the next 10 years, investments in oil and gas are projected at 2.489 billion Brazilian reals (about US$433 billion), with 2.349 billion (about US$409 billion) destined for exploration and production.

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