Petrobras sees lower output over Roncador stake sale

Brazil’s oil company Petrobras has reported that its total production of oil and gas, including natural gas liquids (NGL), in July 2018 was 2.60 million barrels of oil equivalent per day (boed), which is a decrease compared to its June production.

The P-54 FPSO on the Roncador Field; Photo by: Geraldo Falcão; Source: Equinor

Of the total amount, 2.50 million boed were produced in Brazil and 102 thousand boed produced abroad.

Total production operated by the company (Petrobras and partners’ share) was 3.30 million boed, with 3.17 million boed in Brazil.

Compared to the previous month, Petrobras experienced a reduction in its output, mainly due to the sale of a 25% stake of Roncador field to Equinor, on June 14, and the stoppage of the Mexilhão platform for security inspections and infrastructure improvement for gas offloading in the pre-salt.

To remind, Norway’s Equinor acquired a 25 percent non-operated interest in the Roncador field from Petrobras for an adjusted cash consideration of $2 billion.

Roncador, the third largest producing field in Brazil, increased Equinor’s equity production in Brazil by around 150% to around 100,000 boe per day from around 40,000 boe per day. Petrobras is still the operator of Roncador with a 75% interest.

Petrobras added in its report that the production in 2018 was in line with the target disclosed in the 2018-2022 Business and Management Plan.

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