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Petrobras beats target, hits record output

Oil

Oil and gas production reached 2.63 million barrels of oil equivalent/day, the highest ever recorded for the company
published: Jan 11, 2017 12:00 AM last modified: Jan 11, 2017 04:08 PM
Courtesy of Anadarko/Agência Petrobras Average oil production in Brazil surpassed 2.3 million barrels/day for the first time in history last December

Average oil production in Brazil surpassed 2.3 million barrels/day for the first time in history last December

Petrobras hit a record high on average annual production in 2016. The state owned oil company reached an average output of 2,144,256 barrels of oil equivalent/day in 2016, 0.75% above the 2015 number. The result also meant the oil company has beat the target set for the year.

“The company has met its planned output target for the second consecutive year, further strengthening its commitment to predictability of projections," Petrobras said through a press statement (link in Portuguese).

Annual average output for the pre-salt layer in 2016 was also the largest in the company's history: 1.02 million barrels per day, a number that exceeds 2015 output by 33%.

Natural gas production also hit a record high in 2016, reaching 77 million cubic metres/day. Combined with the oil numbers, total output for the country in the year was of 2.63 million barrels of oil equivalent/day, also a new record for Petrobras.

Oil and gas production

In December 2016, the company also surpassed its own historical monthly and daily production records: average oil production in Brazil topped 2.3 million barrels/day for the first time. Monthly production for December reached 2.4 million barrels of oil on the 28th (the final number was 3% above the previous record set in September 2016).

As for natural gas, output increased by 2% compared to the previous month, reaching 81.8 million cubic metres/day. With the positive results, total oil and natural gas production in Brazil in December totalled 2.82 million barrels of oil equivalent/day, also a new monthly output record for the company.