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Petrobras says 2020 oil output averaged record 2.28 MMbpd

January 12/2021

MOSCOW (MRC) -- 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, said Hydrocarbonprocessing.

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 Sapinhoa 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.

The company did not break down production by field or product, nor offer any details on the destination of its oil and gas. The firm will likely offer more details during its fourth quarter results release in late February.

We remind that Braskem is no longer pursuing a petrochemical project, which would have included an ethane cracker, in West Virginia. And the company is seeking to sell the land that would have housed the cracker. The project, announced in 2013, had been on Braskem"s back burner for several years.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's DataScope report, PE imports to Russia decreased in January-November 2020 by 17% year on year and reached 569,900 tonnes. High density polyethylene (HDPE) accounted for the greatest reduction in imports. At the same time, PP imports into Russia increased by 21% year on year to about 202,000 tonnes in the first eleven months of 2020. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.

Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras" activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, ethylene, propylene, neftegaz, petrochemistry, Petrobras.
Category:General News
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