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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. |
