Petrobras Hits Record Volumes in Brazil for 4 Years in a Row

Petrobras Hits Record Volumes in Brazil for 4 Years in a Row

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Chamber Member News Post Date: 01/19/18 Source: ZACKS By: Zacks Equity Research
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Summary

Petróleo Brasileiro S.A. or Petrobras recently announced that it has accomplished a record for its average oil production in Brazil for four years in a row. The state-run company produced 2.15 million barrels per day (bpd) of oil in 2017.

The production is 0.4% higher than 2016's volumes. Moreover, Petrobras met its projected output for three consecutive years, which increases the reliability of the company's projections. Its natural gas production in 2017 reached 79.6 million cubic meters per day mark. It helped the company's total production in Brazil to attain 2.65 million barrels of oil equivalent per day (Boe/d) level, 0.9% above 2016 levels.

In the pre-salt layer, average annual production - including the company's partners' portions - was 1.29 million bpd, representing a 26% year-over-year increase. Per the company, increased production in the Santos Basin’s Lapa and Lula fields has driven the results. In addition, initiation of production at the FPSO Pioneiro de Libra in the Santos Basin’s pre-salt layer boosted the company's output. Read Full Article