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LatinNews Daily - 23 July 2021

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In brief: Pre-salt continues to drive Petrobras production in Brazil

* Brazil’s state-owned oil company Petrobras has released its second quarter results, which show that its production of oil, natural gas, and liquefied natural gas (LNG) averaged 2.8m barrels of oil equivalent per day (boed) in the second quarter of the year, a 1.1% increase on production in Q1 2021. Production in the deep-water ‘pre-salt’ oil fields accounted for a record 70% of total output, with production averaging 1.96m boed, according to Petrobras. In year-on-year terms, however, production in Q2 fell by 0.2% compared with Q2 2020, while production over the first six months of this year, averaging 2.78m boed, was down 2.6% on January-June 2020 levels. Petrobras’ sales, however, are up: total sales averaged 2.98m boed in the first six months of the year, up 0.9% on last year, an increase driven by domestic sales as exports fell.