Brazilian energy firm Petrobras expanded its oil and gas production in Brazil by 9% in the first nine months of 2020 compared to whole of last year, the company announced in a recent statement.
The company expects its average production in 2020 to reach 2.84 million barrels of oil per day (bpd) with a 1.5% margin of error.
However, the company said the higher-than-expected production growth did not result in surplus inventories despite the reduction in global oil demand.
“On the contrary, we have been working with lower inventories than in the pre-COVID period thanks to the greater integration between production, refining, logistics and marketing,” the company said.
Compared to the second quarter, the average production of oil, natural gas liquids (NGL) and natural gas increased by 5.4% to 2.95 million bpd in the third quarter as production increased in the Atapu, Buzios and Tupi fields.
The company’s crude oil production in the pre-salt fields rose by 20.8% in the third quarter compared to the same period of last year.
By Sibel Morrow