Petrobras’ 4th Quarter Production Exceeds Three Million Barrels for First Time

RIO DE JANEIRO, BRAZIL – Petrobras’ production (PETR3; PETR4) in the fourth quarter of 2019 was 3.025 million barrels of oil equivalent per day (BOE/D), up 13.7 percent from 2.660 million BOE/D in the same period last year. This was the first time the company exceeded 3 million barrels in a quarter.

In the year 2019, the state-owned company produced an average 2,770 million BOE/D, a 5.4 percent increase over 2018. As a result, the oil company reached the upper limit of the goal set for the year, of 2.7 million BOE/D, with a variation of 2.5 percent up or down.

According to the company, the result was mainly due to improvement of the eight new systems that went into production in 2018 and 2019 in the fields of Búzios, Lula, Berbigão and Sururu, and Tartaruga Verde.

The production of (offshore deep water) pre-salt oil increased 12.1 percent in the last three months of 2019 compared to the same period last year, standing at 1.533 million BOE/D, particularly in the Búzios and Lula fields, according to Petrobras.

Meanwhile, in the accumulated 2019, Petrobras produced an average of 1.277 million BOE/D from the pre-salt, an increase of 28.5 percent compared to the previous year.

The post-salt production in deep and ultra-deep waters, however, closed the period between October and December at 680,000 BOE/D, a decline of 14.2 percent in one year. There was also a 14.5 percent decline in production in shallow water, to 59,000 barrels per day.

In 2019, the post-salt produced 704,000 BOE/D, while shallow waters stood at 66,000 BOE/D, down 13.7 and 26.7 percent, respectively.

“The year’s operational performance reflects the best result in the second semester, driven by the ramp-up of the new production systems, which more than offset the challenges faced in the first semester,” Petrobras said in its press release.

Source: InfoMoney