Brasília – During a conference with investors and market analysts this Monday (12th), Petrobras chairwoman Maria das Graças Foster estimated that the Brazilian state-owned oil company should see an increase in oil output of roughly 7.5% this year.
The forecast was made on presenting financial and operational results for Q1 2014, during which the company posted an operating profit of R$ 7.6 billion (US$ 3.4 billion), up 8% from Q4 2013, but net income stood at R$ 5.4 billion (US$ 2.3 billion), down 14%.
Upon commenting on Q1 output, which averaged at 2.01 million barrels of oil and natural gas per day, Graça Foster noted that new production systems have either entered or will enter into operation over the next few years, and will have a direct consequence on oil and natural gas output figures.
Foster said production has been on the way up since February, and saw a sharper increase in May as high-output wells were connected with new rigs, leading to an added 120,000 barrels of oil per day. “We have connected 20 new wells thus far, and are expecting to connect 65 wells by the end of the year, which will lead to higher output,” she said.
*Translated by Gabriel Pomerancblum
