Sunday, December 5

Brazil’s Petrobras posts mixed third-quarter production figures


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RIO DE JANEIRO — Brazil’s Petrobras posted mixed production figures on Wednesday, as the state-run oil company ramps up output at some major oilfields while also jettisoning a number of legacy production assets as part of a wider divestment drive.

In a securities filing, Petroleo Brasileiro SA, as the state-run oil firm is formally known, said it produced 2.83 million barrels of oil equivalent per day in the third quarter, up 1.2% in quarterly terms, but down 4.1% from the same period last year.

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Crude production came in at 2.269 million barrels per day, a 1.9% increase in quarterly terms and a 4% decrease from the third quarter of 2020.

Among the highlights of the quarter, the company said, was the entrance into operation of the Carioca, a type of massive offshore platform known as a FPSO, in the deepwater Sepia field. The firm also has begun commercially producing gas at its P-69 platform in the Tupi field, Petrobras said.

The company did not offer an explanation for the decrease in production in quarterly terms. However, Petrobras production numbers have been hit by oilfield divestments in recent years, which has hurt output figures by taking production assets off the books.

Maintenance and COVID-19 related stoppages also commonly affect production at Petrobras.

(Reporting by Gram Slattery and Marta Nogueira Editing by Chris Reese and Diane Craft)



financialpost.com