Petrobras defers production boom
Brazilian heavyweight revises down its output projections as it focuses on the long-term
Brazil’s state-run oil and gas firm Petrobras has amended and released its latest five-year strategy plan, first publicised last December, projecting weaker than anticipated oil output numbers across the near-term. The Brazilian firm is now projecting oil production of just 2.2mn bl/d for 2020, an increase of 2pc over the 2019 average, and actually lower, by 4pc, than its third-quarter performance—despite the expected start-up of a floating production storage and offloading (FPSO) vessel at the Atapu field in the Santos basin. Swiss investment bank Credit Suisse, for one, had projected production of 2.4mn bl/d for 2020. Petrobras fingers planned maintenance work and production decline from m
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
