Petrobras Output at 2-Year Low

Petrobras Output at 2-Year LowPetrobras Output at 2-Year Low

Brazil's Petroleo Brasileiro SA–aka Petrobras—said on Friday output dropped 5.2% in February to 2.65 million barrels of oil and equivalent natural gas a day from a year earlier, Reuters reported. Petrobras announced that the lowest February output in two years was largely due to stoppage of maintenance work. Considering only output in Brazil, Petrobras said it produced 2.48 million barrels of oil and equivalent natural gas a day in August, down from its local output of 2.69 million barrels in August. The company, which is trying to overcome a massive corruption scandal, said crude oil production in Brazil was 2 million barrels per day in February, in level with the previous month, which had the lowest output since May 2014. Oil production fell despite advances in output in the subsalt polygon off the Brazilian coast where Petrobras and its partners produced 874,000 barrels per day, a 6.2% increase from January. The semi-public multinational corporation, which is headquartered in Rio de Janeiro, Brazil, controls significant oil and energy assets in 16 countries in Africa, North America, South America, Europe and Asia.