Expanding domestic natural gas production, rather than requiring major suppliers to release part of their market share, is the most effective way to lower gas prices and strengthen competition in Brazil, according to Petrobras executive Sylvia Anjos.
Speaking during the opening keynote at the Sergipe Oil & Gas Conference on July 29, Anjos, Petrobras’ Director of Exploration and Production, outlined the company’s position on gas release, a regulatory mechanism that would require companies with large market shares to make part of their natural gas supply available to competitors. Petrobras published her remarks in a press release on July 31.
Anjos said Petrobras supports efforts to increase competition and reduce natural gas prices but argued that technical studies show gas release is not an appropriate measure under current market conditions.
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She noted that Brazil’s natural gas market has become significantly more diversified in recent years. Petrobras’ share of the gas marketing market has declined from 100% to 56% in less than five years. The company now competes with 31 other gas marketers and holds 65 gas purchase and sale contracts, while third-party companies collectively hold more than 180.
“This scenario demonstrates a level of market openness greater than that observed in European countries, making the adoption of this measure unnecessary at the current stage of the Brazilian market, Anjos said.
She also stressed that investment decisions in offshore gas projects depend on companies having confidence that future production can be commercially developed.
“It is not possible to justify an investment without the certainty that it will be possible to commercialize what has been produced,” the executive stated.
Petrobras’ comments come as the company continues to expand its offshore portfolio and production base. In the second quarter of 2026, it reported record operated production of 3.34 million barrels of oil equivalent per day, while Búzios surpassed 1.2 million barrels per day as the P-78 and P-79 platforms ramped up.
The company also announced more than US$13 billion in investments in Brazil’s Sergipe region and committed US$2.14 billion to build eight offshore support vessels as it expands its offshore fleet.
