Huge R&D market potential, with over USD300m spent in O&G projects in 2017 alone, despite the downturn; 2018 is expected to be a turning year for the Brazilian O&G industry.
Local rules force oil producers to invest in R&D at least 1% of gross revenues from the so-called highly productive fields.
At least 50% of such R&D funds must be channeled through accredited non-profit institutions and universities.
Since 1997, Brazil’s O&G industry has invested USD 4 billion in 10 thousand different R&D projects.
After successful oil auctions in 2017—attracting oil majors such as ExxonMobil, Shell, Total – as well as a brighter outlook for 2018, the R&D obligations are only set to increase and, to some extent, diversify away from Petrobras/Cenpes.