Brazil's oil output up 0.75%

Petrobras' average oil production in Brazil increased 0.75% in 2016, compared with the previous year, and reached 2,144,256 barrels per day. According to the state-owned company, the result was in line with the target set (2.145 million) and established an annual record.

"We are very happy because the company reached the production goal for the second consecutive year after several years in which production targets were only used as a reference, if we reached it, okay, but if we did not, there was no problem. Under this administration, the target is taken seriously," Petrobras CEO Pedro Parente told reporters on Wednesday (Jan. 11), during a meeting attended by the entire board of the state-owned company.

In the pre-salt layer, the annual average last year also established a record, producing 1.02 million barrels of oil/ day, which posted a 33% increase over the previous year.

For the natural gas, the company also established a record—77 million m³ per day. The country's total production reached 2.63 million barrels of oil equivalent per day, up 1% when compared with 2015, which set another record for the company in the year.

Pedro Parente also pointed out the company's performance in December, when average oil production in Brazil surpassed the mark of 2.3 million barrels per day for the first time. A highlight for the production on December 28 that reached 2.4 million barrels of oil.

Translated by Amarílis Anchieta