We reached our output target for the second year in a row and set historical records

FPSO_mangaratiba

Our average oil output in Brazil set an annual historical record in 2016, coming in at 2,144,256 barrels per day (bpd), 0.75 percent more than a year ago and in line with the 2,145,000 bpd target for the period. We met our planning for the second year in a row, underpinning our commitment to the predictability of our projections.

In 2016, our average annual output operated in the pre-salt cluster was also the highest in our history, topping out at 1.02 million barrels of oil per day and surpassing the 2015 volumes by 33 percent.

If our own natural gas production, which in 2016 reached an unprecedented 77 million m³ per day, is considered, the total output in the country adds up to 2.63 million of barrels of oil equivalent per day (boed), up 1 percent compared with 2015, also a new record for Petrobras.

The main production expansion highlights in 2016 were the significant growth in output at the Lula field (Iracema Norte and Iracema Sul areas, with FPSOs Cidade de Itaguaí and Cidade de Mangaratiba) and in the Sapinhoá field (FPSO Cidade de Ilhabela), located in the Santos Basin pre-salt cluster, in addition to the Parque das Baleias area (P-58), in the Espírito Santo section of the Campos Basin. Additionally, operations went on stream at three production systems, two of which in the Lula field (FPSO Cidade de Maricá and FPSO Cidade de Saquarema), and one in Lapa (FPSO Cidade de Caraguatatuba), located in the Santos Basin pre-salt layer.

Our gas utilization rate in Brazil also set an annual record in 2016, at 96 percent. This was the outcome of the efforts made in the operating efficiency improvement and gas use optimization programs.

Record output in December

In December 2016, we also surpassed our historical monthly and daily output records: Our average oil production in Brazil surpassed 2.3 million bpd for the first time, up 3 percent over the record set in September 2016, and, on December 28, output reached 2.4 million barrels of oil.

Gas production rose 2 percent over the previous month, closing at 81.8 million m³/day. Thus, oil and natural gas output in Brazil was 2.82 million boed in December, 3 percent more than in November 2016, and 6 percent above the December 2015 mark, also a new monthly production record for the company.

Our oil output in the pre-salt cluster set a new monthly record in December, at 1.27 million bpd, a 9 percent increase compared with November (1.16 million bpd). Moreover, we set a daily record of 1.34 million barrels on December 29.

Meanwhile, our oil and natural gas output operated in the pre-salt was 1.58 million boe/d, a significant 45 percent increase between December 2015 and December 2016, and also a new monthly record.

The average oil output abroad in December was 61,000 bpd, while the average natural gas production added up to 10.3 million m³/day. Therefore, production abroad was 122,000 boe/d in December.

The consolidated oil and gas output in Brazil and abroad in December 2016 totaled 2.94 million boed, also a new monthly record.

Oil and gas production abroad in 2016

Abroad, the average oil output in 2016 was 80,000 bpd, 19 percent less than in the previous year. The average natural gas output came in at 13.7 million m³/day, an 11 percent drop compared with in 2015. The slip was due, mainly, to the divestments that were made, such as the sale of Petrobras Argentina.

Consolidated, oil output in Brazil and abroad averaged 2.22 million bpd in 2016, while the average oil and gas output added up to 2.79 million boed, stable compared with 2015.


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