Brazil broke its oil and gas production record in July, extracting 4.48 million barrels of oil and natural gas equivalent daily, said the regulatory agency ANP.
The regulator announced this surpassed the June 2023 record of 4.32 million barrels per day.
July’s crude oil production averaged 3.51 million barrels daily, a 4.3% increase from June and 18.6% from last year.
Natural gas averaged 154 million cubic meters.
The pre-salt horizon in the Atlantic Ocean remained the main hydrocarbon producer, accounting for 74.9% of Brazil’s production.
In July, these wells produced 2.63 million barrels of crude oil and 114.8 million cubic meters of gas daily.
The Tupi field in the Santos Basin was the most important, producing 865.7 barrels of oil and 41.6 million cubic meters of natural gas daily.
Marine reserves contributed 97.6% of oil and 85.8% of gas production in July. Petrobras led the period, producing 3.96 million barrels of oil and natural gas equivalent daily.
This production increase is vital for Brazil’s economic recovery from the COVID-19 pandemic.
The oil and gas sector significantly contributes to the economy, potentially boosting government revenues and foreign exchange reserves.
It also underscores the importance of pre-salt fields, reinforcing Brazil as a global oil and gas player.
Additionally, it shows the effectiveness of Petrobras’ strategies and operations.
Lastly, it could attract more foreign investment, demonstrating Brazil’s growth potential in the energy sector.