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LatinNews Daily - 08 January 2021

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In brief: Brazil’s Petrobras sees record production in 2020

* Brazil’s state-owned oil firm, Petrobras, has announced that it registered record production levels in 2020. Annual oil production totalled 2.28m barrels per day (bpd), while oil and gas production was a total 2.84m barrels of oil equivalent per day (boed), exceeding the previous records registered in 2015 of 2.23m bpd and 2.79m boed. Petrobras notes that these record production levels are supported by a portfolio of high-value assets, with the deep-water 'pre-salt' fields representing 66% of overall production (compared with just 24% in 2015). Petrobras attributes its higher-than-expected production levels to a number of factors, including a stronger than expected performance of the reservoirs in the 'Tupi' and 'Sapinhoá' fields and more efficiency on the production platforms despite operational challenges resulting from the coronavirus (Covid-19) pandemic.