Brazil sets oil production record in June

OREANDA-NEWS. August 03, 2016. Increased sub-salt flow rates helped push Brazilian oil production to a record 2.558mn b/d in June, a 2.9pc increase compared with May and a 6.8pc jump compared with June 2015, oil regulator ANP said.

Output in Brazil slumped in the first half of the year because of maintenance at offshore platforms operated by state-controlled Petrobras, which accounts for around 80pc of oil and natural gas production in the country. Oil production in June surpassed a 2.547mn b/d record set in August 2015.

Petrobras' ramp-up of recently installed platforms brought sub-salt oil production to a record 1mn b/d in June, a 7.7pc increase compared with May and a 33pc year-on-year increase.

Sub-salt gas production reached a record 38.1mn m?/d (1.35bn ft?/d) in June, a 10pc increase over May and a 37pc year-on-year rise.

Total sub-salt production climbed by 8.2pc 1.240mn b/d of oil equivalent (boe/d) compared with May and by 34pc compared with June 2015.

Total gas production reached a record 103.5mn m?/d, up 3.7pc from May and 8.3pc from June 2015.

Total oil and gas production in Brazil marked a record 3.210mn boe/d in June, a 3pc increase over May and up 7pc compared with June 2015.

The Lula sub-salt field in the Santos basin was the largest overall producer in June, accounting for 519,000 b/d of crude and 22.7mn m?/d of gas.