INTERNATIONAL NEWS

Petrobras Foresees Steep Production Growth Over New Start-ups

Petrobras anticipates growing its oil production in Brazil next year by 10percent and 7percent globally, due to start-up of five new production systems this year and three more in 2019.

During 2019-23, Petrobras expects to start up 13 new systems, with its oil and natural gas production in this period rising on average by 5percent per year.

Cost efficiency measures and presalt lifting costs of less than $7/boe should drive the company’s average lifting cost to less than $10/boe from 2020 onwards, according to Offshore.

Further divestments are likely as the company continues to pursue active portfolio management, and these could realize $26.9 billion in sales over the five-year period.

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