Brazil’s Petrobras produced a record 2.28 million barrels of oil per day (MMbbl/d) in 2020, a figure that is directly in line with the most recent guidance given by the state-run company.
The combined oil and natural gas output of Petrobras averaged 2.84 million barrels of oil equivalent per day (MMboe/d) last year, the company said Jan. 7 in a securities filing, a figure that also matched the company’s guidance.
The firm attributed the record output to better-than-expected processing capacity at its Buzios Field, a smaller-than-expected production decline in the Tupi and Sapinhoá fields and better efficiency at its platforms.
Petroleo Brasileiro SA, as the firm is formally known, had said for most of the year that it expected production of 2.2 MMbbl of crude and 2.7 MMboe/d in 2020. However, the company upped its guidance to 2.28 MMbbl of crude and 2.84 MMboe/d in mid-October, a move that did not come as a surprise to the market, as the company had been outperforming production targets all year.
The company did not break down production by field or product, nor offer any details on the destination of its oil and gas. The firm will likely offer more details during its fourth quarter results release in late February.
Stonehill Environmental Partners to provide water pipeline disposal and recycling infrastructure solutions.
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