UPDATE 1-Petrobras oil, gas output jumps to record after slumping during repairs

lunes 11 de julio de 2016 15:53 GYT
 

(Recasts; adds Petrobras June production numbers, Petrobras comment, analyst comment)

By Marta Nogueira

RIO DE JANEIRO, July 11 (Reuters) - Brazil's state-led oil company Petroleo Brasileiro SA said Monday that new wells helped push oil and natural gas output to a record high in June after falling to two-year lows in recent months because of platform maintenance.

Petrobras, as the company is known, produced an average of 2.90 million barrels of oil and natural gas per day (boepd) in Brazil and abroad during the month, 5.53 percent more than a year earlier and 2.35 percent more than in May.

The company is working to revive output and meet its annual production targets after several months of decline, Solange Guedes, the company's top exploration and production official, said on Monday in a telephone interview.

Meeting targets are part of Petrobras's efforts to revive investor confidence in the face of a massive corruption scandal, the industry's largest debt and falling investment.

Despite more than a decade of investment targets that soared to more than $45 billion a year only two years ago, it has failed to meet production targets and startup deadlines.

In March output slipped to 2.55 million boepd, the lowest monthly average since February 2014.

Domestic oil output, the bulk of Petrobras production, was 2.20 million barrels a day (bpd), the third-highest level on record.   Continuación...