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By Gram Slattery
RIO DE JANEIRO (Reuters) – Brazilian state oil company Petrobras said Tuesday that production by 2020 is expected to exceed estimates published in the past, as the company accelerates production in some of its most prolific offshore oil fields.
Petroleo Brasileiro SA, as the company is officially known, said it plans to produce about 2. 84 million barrels of oil consistently with the day (bpd) this year, above its previous estimate of 2. 7 million bpd. Gross production is expected to be successful at 2. 28 million. barrels consistent with the day, the company said, compared to its previous estimate of 2. 2 million bpd.
Both estimates have a margin of error of 1. 5 points.
The review will come as a surprise to the market, as the company has consistently produced at higher levels than officially expected this year, and executives had already questioned whether their policies were too conservative.
However, it highlights how Petrobras was able to temporarily emerge from the worst of the coronavirus pandemic, which severely affected demand for its fuels and caused various closures at its oil production facilities amid COVID-19 outbreaks.
The revised outlook comes when the company publishes its third-quarter production figures.
In a securities presentation, the company said it produced 2,952 million boepd in the third quarter, 5. 4% more than the previous quarter and 2. 6% in the same last year.
The corporation attributed increased component production to the start-up of its Atapu box and robust functionality of the Buzios box, one of the largest in the world.
The corporation rated its third-quarter production figures as “very good, given the complicated scenario imposed by the COVID-19 pandemic. “
Petrobras added that it does not suffer from excess inventories of crude oil or fuels, and that existing inventories are below pre-pandemic levels.
Refinery usage rates fluctuated in grades of about 80% in the third quarter, up from 55% in April.
(Information through Gram Slattery; Additional report via Roberto Samora; Edited through Christian Plumb and Grant McCool)