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Petrobras beats 2017 oil output goal in first half




Petroleumworld 07 18

Brazil's state-controlled oil company Petroleo Brasileiro SA produced 5.6 percent more oil in the first half of this year than in the same six-month period of 2016, exceeding its daily target for 2017, data showed on Monday.

Petrobras produced 2.171 million barrels per day (bpd) in the January through June period, the company said, exceeding its 2.07 million bpd goal for the year. In the first half of 2016, production averaged 2.056 million barrels per day.

Output was lifted by the slow pace of Petrobras' asset divestments, ITAU BBA said it in a client note. The sale of some blocks was put on hold by an audit court and they are therefore still contributing to output.

"Although meeting the production target will play a key role in building confidence in the guidance provided by management, we believe that production will have a limited impact on the share price in the short term," the broker said.

Petrobras also reported that production of oil and natural gas in Brazil and abroad grew 2.9 percent in the first half of the year compared to the same period last year to 2.791 million barrels of oil equivalent per day (boe/d), also above the full-year forecast of 2.62 million boe/d.

Output in the first three months of 2017 was buffeted by maintenance stoppages on large platforms, but was bolstered in May by production getting underway on the P-66 platform in the Santos Basin's Lula field, Brazil's most productive.

It was further helped by new wells connected to FPSO platforms in Cidade de Caraguatatuba, Cidade of Ilhabela, Cidade de Maricá, Cidade de Mangaratiba and Cidade de Saquarema, all in the Santos Basin.

On a monthly basis, Petrobras produced 2.2 million barrels per day of crude oil on average in the South American country, a 0.6 percent increase over the prior month.

Natural gas production in Brazil rose 1.8 percent to 80.3 million cubic meters per day, the company added. Total Petrobras oil and natural gas production in Brazil and abroad reached 2.81 million barrels of oil equivalent per day in June, the company said.

According to Petrobras, June's positive figures are mainly due to the return to production, after a scheduled shutdown, of the P-43 platform, in the Barracuda and Caratinga fields in the Campos Basin, and the FPSO Cidade de Mangaratiba, in the Lula field.

Reporting by Luciano Costa and Marta Nogueira, writing by Silvio Cascione and Alexandra Alper; editing by Diane Craft from Reuters.

07 17 2017

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