Brazilian energy firm Petrobras expanded its oil and gas production in Brazil by 9% in the first nine months of 2020 compared to whole of last year, the company announced in a recent statement.
The company expects its average production in 2020 to reach 2.84 million barrels of oil per day (bpd) with a 1.5% margin of error.
However, the company said the higher-than-expected production growth did not result in surplus inventories despite the reduction in global oil demand.
鈥淥n the contrary, we have been working with lower inventories than in the pre-COVID period thanks to the greater integration between production, refining, logistics and marketing,鈥� the company said.
Compared to the second quarter, the average production of oil, natural gas liquids (NGL) and natural gas increased by 5.4% to 2.95 million bpd in the third quarter as production increased in the Atapu, Buzios and Tupi fields.
The company鈥檚 crude oil production in the pre-salt fields rose by 20.8% in the third quarter compared to the same period of last year.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr