Brazil’s Petrobras produced a record 2.28 million barrels of oil per day (MMbbl/d) in 2020, a figure that is directly in line with the most recent guidance given by the state-run company.
The combined oil and natural gas output of Petrobras averaged 2.84 million barrels of oil equivalent per day (MMboe/d) last year, the company said Jan. 7 in a securities filing, a figure that also matched the company’s guidance.
The firm attributed the record output to better-than-expected processing capacity at its Buzios Field, a smaller-than-expected production decline in the Tupi and Sapinhoá fields and better efficiency at its platforms.
Petroleo Brasileiro SA, as the firm is formally known, had said for most of the year that it expected production of 2.2 MMbbl of crude and 2.7 MMboe/d in 2020. However, the company upped its guidance to 2.28 MMbbl of crude and 2.84 MMboe/d in mid-October, a move that did not come as a surprise to the market, as the company had been outperforming production targets all year.
The company did not break down production by field or product, nor offer any details on the destination of its oil and gas. The firm will likely offer more details during its fourth quarter results release in late February.
Recommended Reading
Guyana Exported a Total of 225 Crude Cargoes in 2024
2025-01-14 - Guyana, Latin America's newest oil producer, is now the region's fifth largest crude exporter after Brazil, Mexico, Venezuela and Colombia.
US Crude Oil Stocks, Excluding SPR, Fall to 2-Year Low, EIA Says
2025-01-15 - Crude inventories fell by 2 MMbbl to 412.7 MMbbl in the week ending Jan. 10, the EIA said, compared with analysts' expectations in a Reuters poll for a 992,000-bbl draw.
What's Affecting Oil Prices This Week? (March 3, 2025)
2025-03-03 - For the upcoming week, Stratas Advisors expects oil prices to continue bouncing around but overall trend upward.
Enbridge Plans $2B Upgrade for Mainline Crude Pipeline Network
2025-03-05 - New tariffs imposed by President Trump are unlikely to affect Enbridge’s Canadian and U.S. operations, CEO says.
Analysts: How Trump's Tariffs Might Affect Commodity, Energy Sectors
2025-02-03 - Trump's move has sparked volatility in the commodities market. Oil prices rose, with WTI up 2.4% at $74.27 a barrel and Brent crude futures adding 1% to $76.40 a barrel.