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  HOME | Brazil (Click here for more)

Petrobras Hits Goals, Achieves Record Production in 2017

RIO DE JANEIRO – Brazilian state-controlled oil giant Petrobras said on Tuesday it produced a record average of 2.65 million barrels of oil equivalent (boe) per day of crude and natural gas in 2017, a record output level that met the goal set for the year.

“Petrobras achieved record petroleum production in Brazil for the fourth consecutive year,” the company, whose shares are traded on the Sao Paulo, New York and Madrid stock exchanges, said.

Average daily oil and gas production rose 0.90 percent last year, compared to 2016, when another production record had been set, Petrobras, Brazil’s largest corporation, said in a statement.

Domestic oil fields produced an average of 2.15 million barrels per day (bpd) of crude, up 0.40 percent from 2016.

Brazil had average natural gas production of 79.6 million cubic meters per day last year, a record level, Petrobras said.

Oil and gas production rose due to an increase in the number of wells connected to the three rigs being used in the Lula field, a giant field in the deepwater Atlantic, Petrobras said.

The start of production at offshore platforms in the Lapa and Libra fields also boosted output.

 

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