Economy

Brazil Posts Record Crude Output in June

Brazilian crude oil production in June came in at a record daily average of 2.25 million barrels

Latin American Herald Tribune
11/08/2014 13:17
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Brazilian crude oil production in June came in at a record daily average of 2.25 million barrels, up 2.6 percent from May and an increase of 6.9 percent over June 2013, the National Petroleum Agency (ANP) said Thursday.

 

The previous record, 2.23 million bpd, was set in January 2012.

 

The ANP compiled data from the 24 companies that produce oil and gas in Brazil in 303 concession areas.

 

Natural gas output in June rose to 86.6 million cubic meters a day, up 8.2 percent from the same month of last year and 2.4 percent more than the average for May, the ANP said.

 

Total crude and natural gas production in Brazil, meanwhile, rose in June to an average of 2.79 million barrels of oil equivalent a day, also a new record.

 

Higher Brazilian oil and natural gas output is the product of steadily increasing production from the ultra-deep-water pre-salt region, a massive new hydrocarbons frontier that Brazil is counting on to transform it into a major crude exporter.

 

Pre-salt production in June totaled 583,200 barrels, up 6.2 percent from May.

 

State-controlled oil giant Petrobras, Brazil’s largest company, accounted for 90.4 percent of the country’s total oil and natural gas production in June, the ANP said.

 

In addition, 92.4 percent of Brazil’s oil production and 73.5 percent of its natural gas output that month came from offshore blocks.

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