Economy & Business - February 2023

BRAZIL | Record oil and gas production last year. On 8 February, Brazil’s Agência Nacional do Petróleo, Gás Natural, e Biocombustíveis (ANP), the federal oil and gas agency, announced that production of both oil and natural gas reached record levels last year, despite production levels falling in December compared with November. Overall oil production in 2022 averaged 3.02m barrels per day (bpd), a 2.47% increase on the previous record registered in 2020. Natural gas production, meanwhile, averaged 138m cubic metres per day, 2.98% more than the previous record registered a year earlier, in 2021. On the same day that ANP released these figures, state-controlled Petrobras also published its Production and Sales report for 4Q22, which shows that the oil and gas giant’s overall production fell from 2021 to 2022. The hydrocarbons company with by far the largest operations in Brazil, Petrobras posted average oil and gas production of 2.68m barrels of oil equivalent per day (boepd), a 3.2% decrease on 2021 levels. The company stressed, however, that it had met and even exceeded its targets.

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