2018.01.1617:36:00UTC+00PETROBRAS: Production Reaches Record Volume And Beats Target In 2017

Brazilian state-owned oil company Petrobras met its production target for the third consecutive year by reaching a record volume of 2.15 million barrels of oil per day (bpd) in 2017, a 0.4% increase from 2016. The company aimed to produce 2.07 million bpd last year.

Abroad, Petrobras' average oil production fell by 20%, to 64,000 bpd, compared to the previous year. The state-owned oil company said that the reduction was primarily due to divestments, such as the sale of Petrobras Argentina. The average oil output was 2.22 million bpd in 2017, while oil and gas production was at 2.77 million barrels of oil equivalent per day (boed).

According to the company, natural gas production reached an unprecedented volume of 79.6 million cubic meters per day (m3/d) in 2017. Abroad, the average production of natural gas was 8.3 million m3/d, 39% lower than in 2016. Total production in Brazil reached 2.65 million boed, 0.9% more than in the previous year, also setting a new record for Petrobras.

Regarding pre-salt layer production, the state-owned company and its partners produced 1.29 million bpd in 2017, the highest level in the company's history, overcoming 2016 production 26%. Also, Petrobras and its partners reached a monthly record of 1.36 million bpd in December, while its daily record was set on December 4, with 1.48 million barrels produced.

In a statement, the company said that the increase in production in the Lula field contributed to this result - due to the interconnection of new wells, besides the start of operation of the P-66 platform - and the Lapa field - with the interconnection of new wells -, both located in the pre-salt layer of the Santos Basin.

In December, total oil and natural gas production reached 2.72 million boed,with 2.62 million boed produced in Brazil and 100 thousand boed abroad. Average oil production in the country was 2.13 million bpd, in line with the volume delivered in November.