UK Oil Companies Targeting Brazil Growth

Graphic for News Item: UK Oil Companies Targeting Brazil Growth

The oil and gas sector will continue to drive investments by British companies in Brazil as the countries reaffirm trade links in the wake of Brexit, a top British diplomat told BNamericas.

According to Jonathan Dunn, the British consul general in Rio de Janeiro, Britain’s vote to leave the European Union last month does not signal a more inward-looking UK.

“Britain’s relationship with Brazil pre-dates our membership of the European Union and has always been about more than our membership of the European Union,” he said.

“Our partnership with Brazil will continue and, I believe, will strengthen in the coming years. This will include forging the strongest possible economic links. The UK’s decision to leave the European Union does not change our commitment to open markets. The UK remains open for business,” he said.

Dunn highlighted oil and gas as a key sector for Brazil-UK trade, adding that healthcare and infrastructure were emerging markets.

“Oil and gas remains a crucial sector for the UK in Brazil. We have about 200 UK companies doing business with Brazil in that sector alone and the synergies between the challenging North Sea fields and Brazil’s pre-salt fields mean UK companies have a lot to offer,” he said.

Leading the contingent of British oil companies in Brazil is Royal-Dutch Shell, which became the country’s largest foreign hydrocarbon producer after its US$52bn takeover of BG Group in February.

According to Brazilian government figures, trade between the UK and Brazil has more than doubled in the past 15 years, totaling US$5.71bn in 2015.

The British government will promote partnerships between UK and Brazilian companies with a series of seminars, conferences, competitions and networking events at British House during the Olympic Games in Rio de Janeiro from August 5 to 21.

 

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