Brazilian state-run oil company Petrobras said on Oct. 24 that its crude oil production during the third-quarter fell 6.8% compared to the same period last year.
Petroleo Brasileiro SA, as the company is formally known, pumped 2.115 MMbbl/d in the July-to-September period, according to a Petrobras 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 2.644 MMboe, down 6.6% from the same quarter last year.
The Rio de Janeiro-based company attributed the declining output to fewer barrels from its Atapu and Sepia fields, the stoppage of operations at its FPSO Capixaba unit as well as what it described as the "natural decline" of mature fields.
Around 73% 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, 71% of the company's oil production came from the same area.
Recommended Reading
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.
Magnolia Oil & Gas Hikes Quarterly Cash Dividend by 13%
2024-02-05 - Magnolia’s dividend will rise 13% to $0.13 per share, the company said.
TPG Adds Lebovitz as Head of Infrastructure for Climate Investing Platform
2024-02-07 - TPG Rise Climate was launched in 2021 to make investments across asset classes in climate solutions globally.
HighPeak Energy Authorizes First Share Buyback Since Founding
2024-02-06 - Along with a $75 million share repurchase program, Midland Basin operator HighPeak Energy’s board also increased its quarterly dividend.
Occidental Increases Annual Dividend by 22%
2024-02-11 - Occidental Petroleum Corp.’s newly declared dividend is at an annual rate of $0.88 per share, compared to the previous annual rate of $0.72 per share.