Brazil’s Petrobras Notes Record High Oil & Gas Outputs

Brazil’s Petrobras Notes Record High Oil & Gas Outputs

Brazilian state-run oil company, Petroleo Brasileiro SA (Petrobras) has declared that new wells have helped push oil and natural gas output to a record high in June 2016 after falling to two-year lows in recent months because of platform maintenance, according to Reuters.

The source explained that Petrobras has produced an average of 2.9mb/d of oil and natural gas, within Brazil and internationally, during June 2016, 5.53% more than a year earlier and 2.35% more than in May 2016.

Petrobras’ top exploration and production official, Solange Guedes, said that the company is working to revive output and meet its annual production targets after several months of decline. Oil Price reported that the company will need to produce an average of 2.24mb/d over the next six months in order to jumpstart output and meet its production objective for 2016.


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