Benefiting from high productivity levels and low exploration risk, development of Brazil’s massive oil and gas reserves is in full swing. Petrobras’s recently launched 2023-27 business plan calls for an investment of US$78bn in the five-year period, of which US$64bn are allocated to E&P activities across the country. The Brazilian national oil company has an ambitious goal to install 18 new FPSOs and drill more than 300 production wells. In 2022, Petrobras awarded major EPC contracts to Keppel Offshore & Marine and Sembcorp for the P-80 and P-82 FPSOs in the Santos basin, respectively, while tenders are ongoing for additional units elsewhere in the country. The company has also awarded key subsea contracts to TechnipFMC, Aker Solutions, Subsea 7 and OneSubsea. While Petrobras remains Brazil’s top E&P player, IOCs and independent oil companies are also advancing major projects. Equinor is making progress with its Bacalhau and Pão de Açucar offshore oil and gas fields in the Santos and Campos basins. Independent players such as Enauta, Trident Energy, PRIO and Karoon are also providing key opportunities for the supply chain. In total, EICDataStream is currently tracking 85 E&P projects in Brazil, with a combined CAPEX of US$134 billion. With projects ranging from exploration to decommissioning, IOCs to independent players, onshore to offshore, Brazil is a natural target for the global oil and gas supply chain.