Oil and gas production rises in April year-on-year

In April, Brazil’s oil and gas production rose compared to the previous month and compared to April 2018.  During this period, oil and gas production reached the equivalent of 3.314m barrels per day.

Oil production stood at 2.604m barrels per day, a 1.7% increase over March and 0.3% year-on-year. Natural gas output reached 113m cubic meters per day, an increase of 1.3% over the previous month and 3.8% compared to April 2018. The Lula field, in the Santos Basin, produced the most oil and gas, at an average of 873,000 barrels of oil per day and 37.2m cubic meters of natural gas per day.

Petrobras announces the sale of 22 oil fields in Bahia

On Monday 06/03, Petrobras announced the sale of 22 oil fields in Bahia, which are part of the Polo Recôncavo and Polo Rio Ventura fields. Among them is the Campo de Candeias, Brazil´s first commercial oil field, discovered in the 1940s.

The announcement is in disagreement with the ongoing debate in the Federal Supreme Court (STF), regarding whether it is constitutional to sell state-owned units, subsidiaries, and shareholding, without the approval of Congress and without considering Law 8666 / 93, which addresses public biddings.

Two injunctions – of Ministers Ricardo Lewandowski and Edson Fachin – are in place that suspends Petrobras from any part of a privatization process, until a decision is reached by the STF´s Plenary. One of the injunctions suspended the sale of state-owned units, such as refineries and TAG.

Source: ANP

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