Rio de Janeiro – Total oil and natural gas production by Brazil’s state-owned oil company Petrobras was up 7% year-on-year in Q1. From January to March, the company produced 2.805 million barrels of oil equivalent per day (boed).
Oil-only output averaged 2.182 million barrels of oil per day (bpd), up 10% year-on-year. According to president Pedro Parente, the only drop in operating results for Petrobras was a 5% decline in domestic sales of oil products, which amounted to 1.961 million bpd.
Parente said Petrobras also improved its net exporting position with a 72% increase in foreign sales. Imports slid by 40% in Q1.
*Translated by Gabriel Pomerancblum
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