Petrobras defers production boom
Brazilian heavyweight revises down its output projections as it focuses on the long-term
Brazil’s state-run oil and gas firm Petrobras has amended and released its latest five-year strategy plan, first publicised last December, projecting weaker than anticipated oil output numbers across the near-term. The Brazilian firm is now projecting oil production of just 2.2mn bl/d for 2020, an increase of 2pc over the 2019 average, and actually lower, by 4pc, than its third-quarter performance—despite the expected start-up of a floating production storage and offloading (FPSO) vessel at the Atapu field in the Santos basin. Swiss investment bank Credit Suisse, for one, had projected production of 2.4mn bl/d for 2020. Petrobras fingers planned maintenance work and production decline from m
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
