Petrobras hits record oil production in Brazil in July

Brazilian state-owned oil company, Petrobras announced an expected increase in oil production in July after a disappointing month of June as it accelerated production in the pre-salt region in Brazil.

In a presentation to present record quarterly profits, Petrobras said oil production reached 2.76m barrels of oil equivalent per day (bopd) in July, compared to 2.633m barrels in the second quarter in Brazil. Production reached a record 3m bopd on July 28.

Last week, Petrobras released mediocre production figures in the second quarter and cut its 2019 estimate from 2.8m to 2.7m bopd, for the disappointment of hungry investors wanting a long-promised increase in production.

July’s figures came a day after Petrobras posted record quarterly earnings, thanks to large asset sales.

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