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Brazilian oil and gas production reaches highest level in two years

06th March 2014

The ANP has estimated that forty-six companies have produced 2.62m (boepd) from Brazilian onshore and offshore fields, which was the largest daily average since February 2012

There was a 1.5 per cent output increase more than a year earlier and 1.7 per cent higher than in November

The Agência Nacional do Petróleo(ANP) revealed that Brazilian production of oil and natural gas increased to its highest level in almost two years in December as new fields were brought in to replace the decreasing output from older fields, Reuters reported.

The agency added that forty-six companies produced 2.62 million barrels of oil equivalent per day (boepd) from Brazilian onshore and offshore fields, which was the largest daily average since February 2012.

There was a 1.5 per cent output increase more than a year earlier and 1.7 per cent higher than in November. Production was also helped by a larger output of natural gas in the same month.

Brazilian production has been sluggish in recent years due to the need for Petrobras to perform maintenance on some of its older platforms as well as the postponement of operations on new fields.

Petrobras, which held 87 per cent of Brazil's output in December, predicts that production in 2014 is set to increase as it brings new production ships into operation.

Last May, Petrobras invested USD 720m to purchase the most blocks offered in the 11th round held by the National Petroleum Agency (ANP).

The company bought 34 of the 289 blocks offered in the bid. It also secured the blocks with the best exploratory potential that were offered by the agency, located in the Foz do Amazonas, Espírito Santo and Barreirinhas basins.

 

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