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
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