LatinNews Daily - 28 April 2021

In brief: Production down in Q1 for Brazil’s Petrobras

* Brazil’s state-owned oil company, Petrobras, has reported results for the first quarter of the year, which show a year-on-year decrease in production levels. Production of oil, natural gas, and liquefied natural gas (LNG) totalled an average 2.77m barrels of oil equivalent a day (boed) in Q1, a performance 3.1% above that of Q4 2020, but down 5% on production levels a year earlier. Production from the ‘pre-salt’ deepwater oil fields accounted for 69% of total production in Q1 of 2021, up from 63% a year earlier, averaging 1.9m boed. Petrobras cited divestment operations throughout last year and the start of 2021, as well as a natural decline in production, as reasons for this year-on-year decrease. The company also notes that it has had to reduce personnel flows and adapt its operations in the face of the resurgence of the coronavirus (Covid-19) pandemic in the first months of the year.

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