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Petrobras Highlights on Production and Sales in 4Q and 2019

Gasoil News - Published on Fri, 21 Feb 2020

Image Source: Petrobras
In 4Q19, oil and gas production reached 3.025 million barrels of oil equivalent per day (MMboed), which represents a new landmark in Petrobras history, as it broke through the 3.0 MMboed barrier in a quarter for the first time. In 2019, it recorded an average production of 2.770 MMboed, reaching the upper limit of the target set for 2019, of 2.7 MMboed, with a variation of 2.5% up or down, increasing 5.4% in relation to 2018. Oil production in Brazil was 2.172 MMbpd, exceeding the target of 2.1 MMbpd

The operating result for the year reflects the better results in 2H19, driven by the ramp-up of new production systems, which more than made up for the challenges faced in 1H19. The ramp-ups of P-67 and P-69 in the Lula field contributed to new monthly records for both our own and the operated production of 3.1 MMboed (November) and 3.8 MMboed (December), respectively. Also in November, with the start of production on P-68, we completed the implementation schedule for 8 production systems in less than 24 months, something unprecedented in our history. In addition, in December, we reached a new daily record in our own production of 3.3 MMboed.

The 2020 production target is 2.7 MMboed, with a variation of 2.5% up or down, corresponding to the commercial production of 2.4 MMboed and 2.2 MMbpd of oil. The numbers consider the effect, in Petrobras stake, of Tartaruga
Verde and Nigeria fields sales, whose transactions have already been concluded and which, together, produced 86 thousand barrels per day (kbpd).

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Posted By : Yogender Pancholi on Fri, 21 Feb 2020
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