The bulk of the $54bn investment, totaling up to $47.2bn will be made on traditional oil projects during the three-year period, said the UK-based data and analytics company.

Heavy oil fields in Brazil are likely to see an investment of $6.2bn over the same period, according to the data and analytics company.

When it comes to gas projects, the South American country is forecast to see an upstream capital expenditure totaling $1.1bn by 2020.

The report said that deepwater projects in Brazil would need capital expenditure of $5.1bn over the next three years. 

While shallow water projects could see a capex of $3.4bn, onshore projects have been forecast to see an allocation of $1.3bn during the three-year period.

According to GlobalData, Petroleo Brasileiro (Petrobras) will top the list in capital expenditure with a likely investment of $36.6bn in upstream projects in the country by 2020.

UK-based Royal Dutch Shell and French oil and gas giant Total are likely to follow Petrobras in the list. Shell and Total are forecast to invest a total of $8.3bn into Brazilian projects between 2018 and 2020.

Among the projects, the Libra development, located in the pre-salt area of the Santos Basin in Brazil, will top capital investment with a sum of $4.8bn to be spent on it during the thee-year-period.

It will be followed by the Lula Oeste field, which has been forecast to see an investment of $4.1bn and the Buzios V (Franco) field, which could have a capex of $3.4bn.

GlobalData expects the average remaining capital expenditure per barrel of oil equivalent (capex/boe) for Brazilian projects to be at $8.

The company said: “Shallow water projects have the lowest remaining capex/boe at $7.0, followed by onshore, ultra-deepwater and deepwater developments with $7.2, $10.6 and $12.3, respectively.”

Image: An average of $18.2bn per year is expected to be spent on Brazilian upstream oil and gas projects till 2020. Photo: courtesy of num_skyman/