Brazil’s energy sector is gearing up for a major investment surge in 2026, as leading oil, gas and power companies prepare to commit billions of dollars to new and ongoing projects across the country.
State-owned Petrobras is expected to lead the investment drive, with planned spending of about US$19.4bn next year. The company’s focus will remain on offshore oil production, especially major pre-salt projects such as Búzios, Sépia 2 and Atapu 2, alongside upgrades to downstream facilities including the Abreu e Lima refinery and the Boaventura complex.
Norwegian energy firm Equinor is advancing development of the Raia gas field, a project valued at roughly US$9bn, which is scheduled to start operations in 2028.
Shell is also pushing forward with its Gato do Mato offshore project after approving a final investment decision in 2025. While the company has not disclosed official figures, industry estimates put planned investments at around US$3.5bn, mainly for floating production and subsea infrastructure.
Another Norwegian player, BW Energy, plans to invest US$1.5bn in the Maromba field, with first oil expected by the end of 2027. The company has also approved additional funding to boost production at the Golfinho field from 2027.
In the power segment, Brazilian company Eneva is expected to advance construction of the Azulão I and II thermal power plants in 2026, with combined investments of 6.8bn reais. Eneva also plans to expand its natural gas liquefaction unit in Maranhão.
Utility firm Cemig has outlined investments of 6.7bn reais, with the bulk directed toward electricity distribution and transmission, as well as generation and natural gas projects.
Axia Energia is also expected to maintain high spending levels, focusing mainly on power transmission and generation.
Renewable energy and distribution remain priorities for Neoenergia, controlled by Spain’s Iberdrola, under its multi-year investment plan running through 2028.
Meanwhile, Italy’s Enel has committed more than 25bn reais to Brazil by 2027, although future investments could be influenced by uncertainty over the renewal of its São Paulo distribution concession.
China’s State Grid is another major investor, currently building one of Brazil’s largest transmission projects the 1,500km Graça Aranha Silvânia line with investments estimated at 20bn reais.
Together, these planned investments highlight Brazil’s growing importance as a key destination for large-scale energy projects, spanning oil and gas production, electricity generation and critical transmission infrastructure.
