Brazil's Petrobras output up 8.8 pct in April
SAO PAULO May 18 (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA said on Monday that output in Brazil and abroad rose 8.8 percent in April from a year ago to 2.78 million barrels a day of oil and equivalent natural gas a day (boepd).
Petrobras, as the company is known, said increases in production on two of its recently installed FPSOs (Floating Production, Storage and Offloading) in the sub-salt region at Santos basin were the main factors behind the overall output boost.
The Brazilian oil company is struggling to increase output after missing production targets successively in the last years.
And it is focusing in the high-yield sub-salt area to do so. Petrobras said sub-salt production reached a record on April 11th at 590,000 barrels per day (bpd).
Trying to overcome a massive corruption scandal that led to the resignation of nearly all top executives, the company posted a better-than-expected first-quarter profit last week, although slightly smaller than in the year before.
Petrobras profit in the three months ended March 30 fell 1.2 percent to 5.33 billion reais ($1.8 billion) compared with 5.39 billion reais a year earlier. (Reporting by Marcelo Teixeira; Editing by Ken Wills)
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