Petrobras Overcomes Oil Crisis Caused by Coronavirus and Closes 2020 With New Production Record, Reaching 2.28 Million Barrels Per Day

Written by Flavia Marinho

Published on 08/01/2021 at 11:56

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Brazilian Oil Closes 2020 With New Record! Petrobras Registered 2.28 Million Barrels Per Day, With Pre-Salt Production As Its Biggest Ally

Despite all the chaos that the oil industry faced in 2020, with barrel prices going negative, the Brazilian state-owned oil company closed the last year with a new production record, reaching 2.28 million barrels per day (bpd) of oil and 2.84 million barrels of oil equivalent per day (boed), the company reported in a relevant fact last night (12/07).

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According to Petrobras’ statement, the previous records occurred in 2015 and were 2.23 million bpd of oil and 2.79 million boed.

In the report, Petrobras states that the current production records are supported by a portfolio of higher value assets. Pre-salt production totaled 1.86 million boed in 2020, representing 66% of the state-owned company’s total production. In 2015, this pre-salt production corresponded to 24% of the company’s total production.

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Petrobras Informs That the Record Oil Production in 2020 Was Due to the Following Factors:

Production Above the Nominal Processing Capacity at the Búzios Field, Due to Greater Temporary Availability of Power Generation and Gas Compression on the Platforms in That Field;
Fewer Interventions to Combat Corrosion from CO2 in the Subsea Gas Injection Pipelines, Due to the Development of New Inspection Tools and Technologies;
Lower Production Decline Observed in the Tupi and Sapinhoá Fields, Due to Improved Reservoir Performance; and
Greater Production Efficiency and Optimization of Production Shutdowns on the Platforms, Despite the Operational Restrictions Caused by the Impacts of the COVID-19 Pandemic.

“The records demonstrate good operational performance even in the challenging 2020 scenario, with greater focus on world-class assets in deep and ultra-deep waters, where Petrobras has shown a significant competitive advantage”, concludes Petrobras.

Petrobras Overcomes Oil Crisis Caused by Coronavirus and Closes 2020 With New Production Record, Reaching 2.28 Million Barrels Per Day

Brazilian Oil Closes 2020 With New Record! Petrobras Registered 2.28 Million Barrels Per Day, With Pre-Salt Production As Its Biggest Ally

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