Petrobras Production Slips

Saturday, May 4, 2019

Oil production by Petroleo Brasileiro SA fell 3.5 percent 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 percent 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. On Thursday evening, the firm informed Reuters it would shift to quarterly reporting of oil production.

The company is due to report its first quarter financial results on May 7.

(Reporting by Roberto Samora; Writing by Gram Slattery Editing by Alistair Bell)

Categories: Energy FPSO Production South America Floating Production

Related Stories

Digital Twin: Taking Shape of the Offshore Ecosystem

Utgard Comes on Stream

Europa Lands High Impact Venture Offshore Morocco

Baltim South West Gas Field Starts Production

VAALCO Spuds Etame Appraisal

Equinor Finds Gas in the Norwegian Sea

Monitoring, and Addressing, Crude Quality in Real-time

Aasta Hansteen Output Can Exceed Max Capacity

ExxonMobil Looks to Sell Australian Assets

Jan De Nul Enters French Offshore Wind Market

Current News

Australia Reviewing Equinor Environmental Plan

Equinor, SSE Win Contract for Largest Offshore Wind Project

Liberator Pilot Well Plugged and Abandoned

Petrofac Sells Mexico Assets to Perenco

Petronas Q2 Profit Rises 8%

Allseas Scores Gyda Platform Removal Job

Monitoring, and Addressing, Crude Quality in Real-time

Dominion to Build Largest US Offshore Wind Farm

Maersk Drilling Rig Extended by Equinor

IUMI Reports Cut in Offshore Insurance Premiums

Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week