Brazil's Petrobras trims 2022-2026 production outlook

Brazil's state-run oil company said in a securities filing it now expects to produce 2.6 million barrels of oil equivalent per day (boed) in 2022

  
Employees of Brazil oil company Petrobras stand at Petrobras 50, a ship-shaped floating production, storage and off-loading (FPSO) vessel, at Campos Basin, near Rio de Janeiro, April 21, 2006. It will add 180,000 barrels per day (bpd) to an output of around 1.76 million bpd, guaranteeing constant production above current domestic consumption of 1.8 million bpd. Brazil's self-sufficiency and ability to export steadily comes at a time when heavy world demand has pushed crude prices to their peak. The United States, the world's biggest economy, is seeking new energy sources like ethanol, plentiful in Brazil. REUTERS/Bruno Domingos - RTR1CNUD

Employees of Brazil oil company Petrobras stand at Petrobras 50, a ship-shaped floating production, storage and off-loading (FPSO) vessel, at Campos Basin, near Rio de Janeiro, April 21, 2006. It will add 180,000 barrels per day (bpd) to an output of around 1.76 million bpd, guaranteeing constant production above current domestic consumption of 1.8 million bpd. Brazil's self-sufficiency and ability to export steadily comes at a time when heavy world demand has pushed crude prices to their peak. The United States, the world's biggest economy, is seeking new energy sources like ethanol, plentiful in Brazil. REUTERS/Bruno Domingos - RTR1CNUD

REUTERS/Bruno Domingos - RTR1CNUD

SAO PAULO- Petroleo Brasileiro SA (Petrobras) on Friday lowered its 2022-2026 production outlook to reflect production-sharing agreements involving the Atapu and Sepia oilfields.

Brazil's state-run oil company said in a securities filing it now expects to produce 2.6 million barrels of oil equivalent per day (boed) in 2022, down from about 2.7 million boed in its previous forecast, with a range of more or less 4%.

For the 2023-2026 period, Petrobras also lowered its oil and gas production targets by an average 100,000 boed.

The Atapu and Sepia production-sharing agreements were signed after Petrobras and several other oil giants acquired stakes in the oilfields in an auction late in 2021. 

TotalEnergies, Qatar Petroleum, Petronas and Galp's Petrogal hold stakes in Sepia, while Shell, TotalEnergies, Petrogal and PPSA are part of Atapu's production deal.

Petrobras operates both oilfields.

(Reporting by Gabriel Araujo and Roberto Samora; editing by Jason Neely) ((Gabriel.Araujo2@thomsonreuters.com; +55 11 5644 7745;))


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