• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 55 mins Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 58 mins EU has already lost the Trump vs. EU Trade War
  • 17 hours Tesla Launches Faster Third Generation Supercharger
  • 8 mins China's Renewables Boom Hits the Wall
  • 7 hours ''Err ... but Trump ...?'' #wall
  • 6 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 7 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 6 hours Crazy Stories From Round The World
  • 2 days Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 17 hours Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire
Alt Text

The No.1 Oil Hotspot For 2020

While the Middle East gets…

Alt Text

Iran Admits: Tanking Oil Revenue Cripples Country

Iran's President, Hassan Rouhani, has…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Petrobras Reports 2.74M Bpd Daily Output For March

Brazil’s state oil major Petrobras announced that its average daily production last month stood at 2.74 million barrels of oil equivalent, a bit lower than in the previous month because of outages at two of its floating production storage and offloading vessels, operating in the Lula and Marlim fields.

The Lula field is the biggest in Brazil and Petrobras has a 65-percent interest in it. Its partners in the field’s development are Shell, with 25 percent, and Portugal’s Galp Energia with 10 percent. Last month, Petrobras said that it will be adding another two FPSOs at the Lula field this year, eyeing a major boost in production, not just from the biggest field but across the presalt region.

According to some analysts, Petrobras is on the mend: the graft scandal that shook the company is slowly dying out and its performance is improving: the company surprised markets by reporting an operating profit for 2016, of $4.3 billion, from a loss of $1.13 billion for 2015.

Petrobras’ debt load continues to be the heaviest in the oil industry, still more than $100 billion, with EBITDA standing at just $25 billion, but some observers believe that this will now begin to improve, with sales this year possibly reaching $100 billion thanks to the company’s production expansion plans. Related: U.S. Oil Rig Count Hits 2 Year High

Naturally, like everyone else in the industry, Petrobras has benefited in no small way from higher oil prices, but a looser regulatory framework at home and the appreciation of the Brazilian real have also been helpful.

Earlier this week, reports emerged that the government may soon finalize legislation proposed last year, which would allow Petrobras to opt out of bidding for new presalt projects if it finds itself unable to afford it. Before, the company was obliged to take a 30-percent stake in every presalt project to protect the nation’s interests in natural resource exploitation.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play