Sunday, March 29, 2020

Brazil's Petrobras Output falls to 2-year Low

Posted by April 9, 2016

Petrobras Headquarters Photo courtesy Petrobras

Brazil's Petroleo Brasileiro SA said on Friday that output dropped 5.2 percent in February to 2.65 million barrels of oil and equivalent natural gas a day from a year earlier.

Petrobras, as the state-run company is known, said the lowest February output in two years was largely due to stoppages for maintenance work.

Considering only output in Brazil, Petrobras said it produced 2.48 million barrels of oil and equivalent natural gas a day in August, down from its local output of 2.69 million barrels in August.

The company, which is trying to overcome a massive corruption scandal, said crude oil production in Brazil was 2 million barrels per day in February, level with the previous month, which had the lowest output since May 2014.

Oil production fell despite advances in output in the subsalt polygon off the Brazilian coast where Petrobras and its partners produced 874,000 barrels per day, a 6.2 percent increase from January.

(Reporting by Marta Nogueira; Writing by Anthony Boadle; Editing by Matthew Lewis)


Related News