Home Business Petrobras’ Production in Brazil Falls 3.5% in Q1, Says ANP

Petrobras’ Production in Brazil Falls 3.5% in Q1, Says ANP

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Petrobras‘ Brazilian oil and gas production fell 3.5 percent in the first quarter compared to the same period in 2018 to about 2.4 million barrels of oil equivalent per day (boe/d), according to data published on Friday by regulator National Agency of Petroleum, Natural Gas and Biofuels (ANP).

Petrobras‘ extraction fell from last year in the first three months of the year, with the largest falls in February (7.6 percent) and March (1.9 percent), according to the ANP.

In January, production fell by 1 percent year-on-year and was mainly affected by maintenance shutdowns at the P-74 and FPSO Cidade de São Paulo platforms, respectively in the Búzios and Sapinhoá fieldsaccording to the ANP.

In February, the main reasons were the banning of the P-43 platform, which operates in the Barracuda and Caratinga fields, and the planned maintenance shutdown of the FPSO Capixaba, which operates in the Jubarte and Cachalote fields. The ANP did not detail the reasons for the fall in March.

The quarterly decline in Petrobras’ production occurred despite the company commencing the operation of three platforms in the Santos Basin pre-salt in the first quarter, one in March (P-77 in the Búzios field) and two in February (P-76, in Buzios and P-67, in the field of Lula).

The last time the company released monthly production was in January.

Wanted on Friday, the state company did not immediately comment on ANP‘s information if there was any specific problem in March.

In 2018, Petrobras’ production fell 5 percent from 2017, with divestments in the fields of Lapa, in the Santos Basin pre-salt and Roncador, a major producer in the Campos Basinweighing the extraction.

The company projects, however, production of 2.8 million barrels of oil equivalent (oil and gas) in 2019, which would be 6.5 percent higher than in 2018, relying on new platforms – by 2019, scheduled to enter the P-68, in the field of Berbigao, also in the Santos Basin.

Most of Petrobras’ production is in Brazil. The state‘s oil extraction abroad, for example, was only about 2 percent in January.

Petrobras told that it would no longer disclose its oil and gas production on a monthly basis.

In the new management of President Roberto Castello Branco, the company said it will disclose production as other companies in the industry announce the information together with the release of financial and operational results every quarter.

The company will release its first quarter results on the 7th.

Oil and natural gas production of all companies in Brazil in March totaled 3.261 million barrels of oil equivalent per day (boe/d), with a slight increase of 0.96 percent compared to the same month last year, the ANP reported.

Petrobras’ production in Brazil reached 2,426 million boe/d in March, down 1.9 percent year-on-year.

Petrobras’ output is declining despite pre-salt extraction from 91 wells in the country, rising 11 percent in March from a year-on-year comparison to 1.936 million barrels of oil equivalent.

Before February, Brazil’s pre-salt production rose 6 percent, with oil production in the region in March totaling 1.542 million barrels and the gas production of 62.7 million cubic meters/day.

Brazil’s oil-only production totaled 2.56 million barrels a day (bp/d) in March, up 2.8 percent from February and 0.1 percent year-on-year.

Petrobrason the other handhad oil production of 1.884 million bp/d in March, compared to 1,987 million barrels in the same month last year.

Petrobras‘ output is declining as extraction from companies such as Shell the company‘s partners in the pre-salt, has seen increases in oil extraction.

In the case of Equinor, production rose in the country in the annual comparison, after the company acquired assets from Petrobras.