• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 4 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 9 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 7 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 3 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 5 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 3 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 3 days Nord Stream - US/German consultations
  • 5 days An Indian Opinion on What is Going on in China
  • 409 days Class Act: Bet You've Never Seen A President Do This.
  • 3 days Australia sues Neoen for lack of power from its Tesla battery
  • 3 days Forecasts for Natural Gas
  • 5 days Storage of gas cylinders
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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News