By Brazil Stock Guide – Brazil expects oil and natural gas exploration investments to reach $890 million in 2026, with cumulative spending potentially totaling $1.2 billion between 2026 and 2033, according to updated projections released by Agência Nacional do Petróleo, the country’s oil and gas regulator. The figures are based on data consolidated on January 22 and reported by operators holding exploration and production contracts nationwide.
The projections are compiled and supervised by the ANP using information submitted annually by operators through their Exploratory Work Plans (PTEs), a regulatory requirement established under a 2022 resolution. The plans detail activities, timelines and budgets for the exploration phase of E&P contracts, including minimum exploration programs, appraisal of discoveries and decommissioning obligations. The estimates already include contracts awarded in the fifth cycle of Brazil’s Open Acreage Concession Round, signed in 2025.
Drilling activity will drive the bulk of exploration spending in 2026. According to the regulator, $602 million is expected to be allocated to the drilling of 19 exploratory wells, accounting for 68% of total projected investment. When spending related to exploratory well testing is included, total drilling-related investment could rise to $742 million, representing 83% of the annual total.
Capital allocation will remain heavily offshore. Maritime basins are projected to account for 96% of total exploration spending in 2026, reinforcing the sector’s structural reliance on deepwater prospects. The Eastern Margin basins are expected to receive up to $658 million, or 74% of the total, supported by plans to drill four exploratory wells.
The Equatorial Margin basins, a frontier region under heightened regulatory and environmental scrutiny, are forecast to attract $196 million, or 22% of total spending, including the drilling of one new well and the completion of another initiated in 2025. Onshore exploration will account for a marginal share, with $34.5 million projected for land-based basins, split between frontier and mature areas.
The ANP said the figures are subject to revision as operators update their plans and stressed that the estimates refer exclusively to the exploration phase of E&P contracts, excluding development and production investments, which typically involve substantially higher capital requirements.