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Montevideo, May 25th 2019 - 19:44 UTC

Petrobras oil production fell 3.5% during the first quarter compared to a year ago

Monday, May 6th 2019 - 09:30 UTC
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The fall in production, to roughly 2.4 million boe/d, comes even as Petrobras initiated operations at three platforms in March in Brazil’s offshore The fall in production, to roughly 2.4 million boe/d, comes even as Petrobras initiated operations at three platforms in March in Brazil’s offshore

Petrobras oil production fell 3.5% in the first quarter from the same period a year before, according to Brazil’s oil regulator ANP, which attributed the fall to a number of scheduled and unscheduled stoppages.

In a statement, the regulator said the production declines were due to maintenance work and other interruptions in January and February at platforms and FPSO units owned by Petrobras, as the firm is known.

The fall in production, to roughly 2.4 million barrels of oil equivalent per day (boe/d), comes even as Petrobras initiated operations at three platforms in March in Brazil’s offshore, pre-salt oil area, considered the nation’s most prolific oil producing zone.

Production at Petrobras has been hit by a decline in investments in the firm’s more traditional onshore and ‘post-salt’ offshore assets. The company is also divesting many of its legacy oilfields, but relatively few of those sales have so far closed.

In Brazil as a whole, oil production rose 0.96% in annual terms to 3.261 million boe/d in March, the ANP said.

While Petrobras has historically divulged monthly production statistics, it has not done so since January. Last Thursday Petrobras informed it would shift to quarterly reporting of oil production. The report of its first quarter financial results on May 7.

Categories: Energy & Oil, Brazil.

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