Petrobras breaks pre-salt oil production record

Brazil’s Petrobras has announced significant results for September. The company has set a new daily oil output record from deep-water fields: 1.23 million barrels – 7.3 percent more than their August production. Natural gas production reached 81.2 million cubic meters per day, also a record.

Petrobras’ oil production in Brazil, considering all fields operated by the state-run company, reached 2.24 million barrels per day and set a new monthly record. The oil equivalent (oil and gas combined) production was 1.46 barrels per day, which is 7.3 percent higher than it was August.

Two weeks ago, the Brazilian Congress approved a bill ending Petrobras’ monopoly to operate in deep-water oil fields. The new regulation is the most investor-friendly change in the law since 1997, when the federal government ended Petrobras’ monopoly in Brazil.

For left-wing parties, the legislation is feared to hand over Brazil’s wealth to foreign capital. However, the truth is that Petrobras is emerging as the regulation’s biggest winner. The monopoly had become a burden to the state-run company, which was obligated to explore even the less-profitable deposits. Petrobras is the most indebted energy company in the world, with a net debt of roughly $104 billion, and is also involved in the biggest corruption probe in Brazilian history.

Now, it can focus on the more attractive reserves, as Petrobras will retain priority in exploring. Only should the state-run company decide to not explore an area would a bidding process involving foreign corporations begin.

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