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Brazil February crude oil output slides 1.8% from January

BY JEFF FICK

RIO DE JANEIRO -- Brazilian crude oil output slid for the second consecutive month in February as planned maintenance shutdowns sapped production, the National Petroleum Agency (ANP), said.

Brazil produced an average 2.017 MMbopd in January, down 1.8% from January and 8.5% from February 2012, the ANP said.

Oil production in Latin America' s largest country was expected to decline in the first half of 2013 because of ongoing maintenance work at aging offshore platforms operated by Petrobras. Brazil has also encountered productivity declines at mature fields in the offshore Campos Basin, which accounts for the majority of the country' s crude.

The troubles have offset new production from the country' s much anticipated subsalt fields, a series of ultra deepwater oil discoveries buried under a thick layer of salt off the country' s Atlantic Ocean coast. Brazil' s subsalt region, where new wells have recently increased production, produced 283,100 bopd in February, the ANP said.

Natural gas production, however, climbed to a fresh record in February, the ANP said. Brazil produced 76.5 MMcmpd during the month, besting the previous record of 76.2 MMcmpd registered in December. Brazil produced 75.9 MMcmpd in January.

Dow Jones Newswires

04/02/2013

 

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