Petrobras' oil production in the 3rd quarter grows and the oil company raises its target for 2020. Refineries are also performing well
In the third quarter of this year, Petrobras' oil and gas production hit the mark of 2,952 million barrels of oil equivalent per day (boed) and expanded fuel production, the state-owned company said last night in a material fact. Raízen, Brazil's giant ethanol producer, opens vacancies for candidates with no experience looking for their first job in its Trainee and Internship 2021 program
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“Petrobras' operating performance in 3Q20 was very good, considering the challenging scenario imposed by the COVID-19 pandemic. Our oil and gas production in Brazil grew by 9,0% in the first nine months of this year compared to last year. Production in the pre-salt fields expanded by 32%, while in the other areas, post-salt, shallow and onshore waters, there was a contraction,” Petrobras said in the statement.
Due to the greater operational efficiency of the platforms installed in Campo de Búzios, in the Santos Basin pre-salt; growth in production at the P-70, located in Campo de Atapu, which began production at the end of June; and reduction of losses due to unavailability of submarine lines, with the development of new technologies, allowed Petrobras to increase oil production in Brazil in the third quarter compared to the previous period by more than 5%, to 2,36 million barrels per day.
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In the statement, the state-owned company also reported “normalization of production on platforms that had been stopped due to Covid-19 in the second quarter”.
From January to September, oil and gas production in Brazil grew by 9% compared to 2019, with extraction from pre-salt oil fields expanding by 32%, while in other areas, post-salt, waters shallow and terrestrial, there was contraction.
With the strength of the pre-salt layer, Petrobras revised upwards its oil production target for 2020
“We estimate that average production in 2020 will reach 2,84 MMboed, of which 2,28 MMbpd of oil, with a variation of 1,5% up or down, exceeding the upper limit (2,5%) of the originally announced targets for the year (2,7 MMboed and 2,2 MMbpd)”, said Petrobras On the report