Brazil's Petrobras says 2020 oil output averaged record 2.28 MMbpd

Brazil's Petrobras produced a record 2.28 million barrels of oil per day in 2020, a figure that is directly in line with the most recent guidance given by the state-run oil company. 

The combined oil and natural gas output of Petrobras averaged 2.84 million barrels of oil equivalent per day last year, the company said in a securities filing, a figure that also matched the company's guidance.

The firm attributed the record output to better-than-expected processing capacity at its Buzios field, a smaller-than-expected production decline in the Tupi and Sapinhoá fields and better efficiency at its platforms.

Petroleo Brasileiro SA PETR4.SA, as the firm is formally known, had said for most of the year that it expected production of 2.2 million barrels of crude and 2.7 million boepd in 2020. However, the company upped its guidance to 2.28 million barrels of crude and 2.84 million boepd in mid-October, a move that did not come as a surprise to the market, as the company had been outperforming production targets all year.

(Reporting by Gram Slattery and Gabriel Stargardter Editing by Chris Reese and Jonathan Oatis)

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