Petrobras’ 2018 oil and gas production ‘in line with set goals’

Brazilian oil giant Petrobras reported that its oil and gas production in 2018 was in line with the company’s goals.

Cidade de Campos dos Goytacazes; Image by Keppel

Petrobras said on Tuesday that the company’s total production of oil and gas, including natural gas liquids (NGL), was 2.63 million barrels of oil equivalent per day (boed).

This figure lands just below the 2.65 boed in 2017 which still remains Petrobras’ record total production.

Of the 2.63 boed, 2.53 million boed was produced in Brazil while 101,000 boed came from abroad.

The company added that its production of oil in Brazil was 2.03 million barrels per day (bpd).

The annual average of the company’s total operated production, both Petrobras and partner’s share, in 2018 was 3.29 million boed, of which 3.16 million boed in Brazil.

According to the company, production of oil and natural gas in 2018 is in line with the goal established for this year in the company’s business and management plan, which projects 2.8 million boed in 2019.

Production highlights in 2018

Petrobras started production from four new production systems, namely the P-74 and P-75 platforms in the Búzios Field, the P-69 platform in the Lula Field, and the FPSO Cidade de Campos dos Goytacazes in the Tartaruga Verde field.

The company said that the continuous development of the pre-salt production completed 10 years and achieved new records like annual production of oil and natural gas operated by Petrobras of 1.75 million boed, and the monthly record of 1.85 million boed reached in December.

Petrobras was also able to achieve a new annual record of utilization of gas by Petrobras in Brazil, reaching the 96.6% mark, as a result of the efforts undertaken over the past years through the Optimization Program for Gas Utilization.

It is worth noting that the company divested the Lapa, Sururu, Berbigão, Oeste de Atapu, and Roncador fields as well as the joint venture of Petrobras America Inc. with Murphy Exploration & Production Co.

Oil and gas production in December 2018

In December 2018, total production of oil and gas, including natural gas liquids (NGL), was 2.70 million barrels of oil equivalent per day (boed), of which 2.64 million boed produced in Brazil and 63,000 boed abroad.

The company’s total operated production was 3.4 million boed, of which 3.3 million boed in Brazil.

Compared with November, there was a 3.3% increase in production, mainly due to the interconnection of new wells in the FPSO Cidade de Campos dos Goytacazes as well as the end of the maintenance stoppages at the FPSO Cidade de Ilhabela in the Sapinhoa field, and the P-18 platform in the Marlim field.