Brazil's Petrobras Third-quarter Oil Output Grows 9.6%

Fabio Teixeira
Friday, October 27, 2023

Brazilian state-run oil company Petrobras said on Thursday that its crude oil production during the third quarter rose 9.6% from the same period last year.

Petrobras pumped 2.32 million barrels per day (bpd) in the July-to-September period, the firm said in a statement.

Brazil is Latin America's top oil and gas producer, ahead of other major regional petroleum suppliers Mexico, Colombia and Venezuela.

Including natural gas output, the Brazilian oil giant produced a daily average of 2.877 million barrels of oil equivalent, up 8.8% from the same quarter last year.    

The company attributed the figures to the ramp-up of two offshore platforms in the Santos Basin and two more in the Campos Basin, in addition to fewer platform maintenance stoppages in the period.

Around 81% of Petrobras output came from Brazil's so-called pre-salt fields, an oil-rich offshore region off the country's southeastern Atlantic coast.

In the same quarter last year, 73% of the company's oil production came from the same area.

Petrobras also said its total oil, gas and derivatives sales grew 6.4% to 3.069 million boed, with domestic sales accounting for 2.208 million barrels.

Last week, Petrobras had said that the total output of the assets it operates, including production owned by its partners, had reached 3.98 million boed.


(Reuters - Reporting by Fabio Teixeira; Editing by Kylie Madry, Cynthia Osterman and David Gregorio)

Categories: Energy Industry News Activity Production South America

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