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
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them