By Tsvetana Paraskova for Oilprice.com – Because of the increased production at the prolific pre-salt offshore basin, Petrobras expects its oil and gas production this year to exceed earlier guidance, Brazil’s state oil firm said when it reported its production figures for Q3.
By Mathew Smith<br />
After being caught up in major corruption scandals and suffering from what some have claimed was its worst economic downturn in 100-years, Brazil has pulled itself back from the brink. The economy commenced growing again in 2017 with gross domestic product (GDP) expanding by 1 percent and 2018 GDP growth forecast by the International Monetary Fund (IMF) to be 2.3%.
Petrobras’ average oil production in Brazil in 2016 went up 0.75% in comparison to the previous year and reached 2,144,256 barrels per day. According to the company, the result was in line with the established target of 2.145 million and represents an annual all-time high.
Brazil’s oil reserves, including recent discoveries in deep waters of the Atlantic Ocean, are of a similar size to those found in the North Sea, said a Petrobras exploration official in an interview in London.
Petrobras, Brazil’s state-controlled oil producer will export its first cargo from the country’s second-largest crude field to Chile in mid-May.