Brazil’s Petrobras hit a new production record in the fourth quarter of over 3 million barrels of oil equivalent per day (MMboe/d), thanks largely to the ramp-up of platforms in the prolific presalt formation, the state-run oil firm said on Feb. 10.
In a securities filing, the company said it produced 3.025 MMboe/d, up 5.1% from the third quarter and 13.7% from fourth-quarter 2019. In December, the company said it hit 3.8 MMboe/d, an all-time monthly record for the firm.
In the filing, the company attributed the monthly records to the ramp-up of several platforms, including the P-67 and P-69 platforms in the Lula Field. More generally, the company has benefited from a shift in focus to the offshore presalt formation, where billions of barrels of oil are located beneath a layer of salt under the ocean floor.
Oil and natural gas production in the presalt reached 1.533 million barrels per day (MMbbl/d) in the fourth quarter, the company said, up 12.1% from the third quarter and up some 46.4% from the year-ago period.
In the filing, Petrobras maintained its guidance for 2020 production at 2.7 MMboe/d. The firm has said that reflects expected maintenance stoppages and sagging production at some legacy fields, though the market widely viewed that production target as surprisingly low when it was divulged in November, given the company’s current output.
Petrobras produced an average of 2.77 MMboe/d in 2019, up 5.4% from 2018.
As in previous quarters, production at onshore and shallow-water fields, as well as deepwater post-salt fields, fell sharply, thanks to divestments and a shift in investments to the presalt.
Post-salt oil production fell 14.2% in the fourth quarter from the year-ago period to 680 MMbbl/d, while shallow-water production fell 29.8% to 59 MMbbl/d.
2023-12-08 - California major Chevron Corp. is setting aside $6.5 billion to develop its U.S. shale portfolio next year, with the bulk of the spend allocated in the Permian Basin.
2023-12-07 - Talos Energy’s appointment of Spath succeeds Bob Abendschein as executive vice president.
2023-12-05 - Alexander J. Reyes, CNX Resources Corp.'s former executive vice president of general counsel and corporate secretary, is leaving CNX after 16 years.
2023-12-01 - COP28 gives the private sector—including those from the oil and gas industry—and other delegates an opportunity to chime in on the global climate agenda set by world leaders.
2023-12-01 - Advisers need to sharpen their pencils at the negotiation table, E&P operator Bryan Sheffield said — because “all you're going to do is upset your seller by promising a market that isn't there. No one's going to pay you.”