Brazil’s Petrobras production drops 4.5% in 4Q21

RIO DE JANEIRO, BRAZIL – Petrobras (PETR3;PETR4) produced 2.7 MMboe/d (million barrels of oil equivalent per day) of oil and natural gas, down 4.5% from the third quarter, according to a market filing on Wednesday, February 9.

Petrobras’ crude production reached at 2.151 million barrels per day, up 0.7% from the fourth quarter of 2020.

The company explained the virtually stable performance to scheduled stoppages on high-production platforms early in the Búzios field production-sharing agreement, although these factors were partially offset by the increase in the FPSO Carioca offshore output.

Last month, Petrobras lowered its 2022-2026 production outlook to reflect production-sharing agreements involving the Atapú and Sepia oilfields.

Exports of oil and derivatives posted a year-on-year decrease of 17.7% to 701 barrels of oil equivalent per day.

The oil company sold 463 million bpd of gasoline domestically in the fourth quarter, up 20.1% in annual terms. Domestic diesel sales reached 790 million bpd, 16.7% more than the year before.

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