Home Business PETROBRAS: Output Falls 4.57% In 4Q17, To 2.737 Million Boed

PETROBRAS: Output Falls 4.57% In 4Q17, To 2.737 Million Boed

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Petrobras oil and gas production fell by 4.57% in the fourth quarter of 2017 over the same period of the previous year, to 2.737 million barrels of oil equivalent per day (boed), while the company’s costs to explore oil reserves fell 29.52%, to R$ 993 million.

Petrobras’ total sales volume decreased by 7.59%, to 3.188 million boed. Sales in the domestic market totaled 2.392 million boed, down 1.85% compared to the fourth quarter of 2016, while sales abroad decreased 21.42%, to 796,000 boed.

The average price of oil sold in Brazil rose 22.12% in the fourth quarter of 2017, to US$ 55.82 per barrel, which represents a premium of US$ 1.78 over the sale price in the international markets, of US$ 54.04 per barrel. A year earlier, the price in Brazil was quoted with a premium of US$ 3.27 over sales abroad.

The average price of Brent in the international market in the fourth quarter of 2017 increased 24.12% year-on-year, to US$ 61.39 per barrel, or R$ 199.48 per barrel. The exchange rate used in oil sales by Petrobras rose 1.53%, to US$ 3.31.