The field is located in a partitioned region between the two countries and has a production capacity of over 500 barrels per day.
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TIC Quality Control is expected to open a branch in São Paulo in the second half of the year to offer quality control and inspection services to Brazilian companies.
A disruption in oil exports impacted the Arab country’s growth last year, but GDP is expected to benefit from the sector’s expansion in 2025, according to the IMF. Libyans are currently producing nearly 1.4 million barrels per day.
The country produced 3.48 million barrels of oil per day in February, with the largest volume coming from offshore fields and the pre-salt layer.
In 2024, Brazil exported USD 23.68 billion and imported USD 10.18 billion from the Arab countries. The trade flow reached USD 33.87 billion, with a trade balance surplus of USD 13.49 billion.
Achieving high levels of productivity is one of the goals of the National Oil Corporation, according to recent discussions held at the company.
The Arab-Brazilian Chamber has announced the balance of the Halal do Brasil project, through which, together with ApexBrasil, it promotes Brazilian halal products in Muslim-majority markets. A total of 124 companies have been ed by the program, and the number of countries reached is increasing.
The International Monetary Fund (IMF) reports that the country has adopted economic measures that foster growth beyond the oil sector.
Estimates from the National Bank of Kuwait indicate expansion of the country’s non-oil GDP.
The trade balance was boosted by a similar percentage increase in exports from both countries. Kuwait supplies mainly oil to the Brazilian market. Brazil exports chicken meat.
Oil is on track to become Brazil’s main export product in 2024. This will be the first time in history, according to data from the historical series that began in 1997.
The Brazilian state-run oil firm has approved a business plan for 2025-2029, with projected investments of USD 77 billion in exploration and production, USD 20 billion in refining, transportation, and marketing, and USD 11 billion in gas and low-carbon energy.
The finance minister of the Arab country said the goal is for women to make up 40% of the workforce by the end of the decade.
Representatives of the institution met with Brazil’s ambassador to the Arab country, Paulino Neto, and the Arab League. for initiatives from the 22 Arab countries and participation in a forum in Brazil were key topics of the meetings.
