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Brazil's Petrobras second-quarter oil production rises 2.6%
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Brazil's Petrobras second-quarter oil production rises 2.6%
Jul 29, 2024 6:25 PM

SAO PAULO, July 29 (Reuters) - Brazilian state-run oil

company Petrobras said on Monday its crude oil

production during the second quarter rose 2.6% from the year-ago

period after it ramped up five oil platforms and started

production in 12 wells.

Petrobras pumped 2.16 million barrels per day (bpd) from

April to June, and produced 2.7 million barrels of oil

equivalent per day (boepd), a 2.4% increase over the same period

in 2023, the company said in a statement.

Production from the firm's pre-salt fields, an oil-rich

offshore region off the country's southeastern Atlantic coast,

grew 6.3%, helping offset a decrease in production on Petrobras'

other fields.

Sales of oil gas and derivatives reached 2.94 million boepd,

a 4% increase over the year. While sales to the domestic market

fell 4.4%, they were compensated by a 30% growth in sales to the

foreign market.

Total exports rose 36% on a year-on-year basis, with 851,000

bpd of oil and derivatives exported in the period. Oil exports

rose 58% in the period.

The period marked the continuing of a trend for the firm's

exports - with 50% of all oil exports now going to China, up

from 28% in the second quarter of 2023.

Europe also grew as a destination for Petrobras oil exports

responding for 30%, up from 20% last year. Latin America

decreased its share from 26% to 5% in the period.

Petrobras is expected to post its full financial results for

the second quarter on Aug. 8.

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