Peter Millard, Bloomberg News

RIO
EnergiesNet.com 09 25 2024

EIG Global Energy Partners has added Spanish oil major Repsol SA as a client for shipping crude overseas from its port facilities in southeast Brazil.

Repsol has agreed to use Porto do Acu for oil transshipment operations, according to Victor Bomfim, who manages EIG-controlled terminal operator Vast Infraestrutura at the port in Rio de Janeiro state. Vast’s terminal is close to Brazil’s two main offshore oil basins and currently handles about half the oil exports in Latin America’s biggest producing country.

A Repsol spokesperson confirmed the contract with Vast.

Bomfim said he expects Brazilian exports to rise to about 3 million barrels a day in 2030, a two-thirds increase from current daily levels of 1.8 million barrels due to an increase in oil production. He said a lack of domestic refineries to process the added output means oil needs to be exported, and other terminals are already operating at capacity and lack space to increase operations.

“This excess has to be exported,” he said. “We’re the only ones with a capacity to expand.” 

The growth in exports signals Brazil’s rising importance in the global oil market. Production growth from Brazil in recent years has been a significant source of output outside of OPEC+ and has complicated the group’s ability to micromanage the market.

Repsol is Vast’s eleventh client in Brazil, joining oil majors including Petroleo Brasileiro SA, Shell Plc, TotalEnergies SE, and Equinor ASA.