Petrobras becomes largest oil producer among publicly traded companies

petrobras_rig

In the third quarter of 2014, Petrobras surpassed ExxonMobil’s oil production, and is now the largest producer of liquid hydrocarbons among its publicly traded peers. Considering oil and natural gas, the company is now fourth in the ranking. In the first nine months of 2014, Petrobras also saw the biggest increase in oil production, in both percentage and absolute terms. In fact, during the year, Petrobras and ConocoPhillips were the only publicly traded companies to record an increase in oil production – 3.3% in the case of Petrobras, and 1.5% in ConocoPhillips’ case.

In the first 11 months of 2014, Petrobras’ average output grew by 4.5% from the same period of the previous year. Between January and November 2014, its monthly volume expanded by more than 10%. Furthermore, in December the company announced the following daily production records:

  • Own oil production: 2.286 million barrels per day (bpd) on December 21, 2014.
  • Operated production in Brazil, including the share operated by the company for its partners: 2.470 million bpd on December 21, 2014.
  • Operated production in the pre-salt layer: 700,000 bpd on December 16, 2014.

In addition, in 2014 Petrobras expanded its oil processing capacity by more than 500,000 bpd, with the start-up of four new stationary production facilities. This volume will gradually be incorporated into production, guaranteeing that the company will continue to increase its oil and gas output in 2015.

Source: Petrobras Agency

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Posted in Oil & Gas

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