Brazil’s state oil giant Petrobras had some rare good news with the announcement that it had exceeded its target for average daily offshore oil output in 2015.
The average of 2.128 million barrels per day (bpd) was 0.15% up on the 2.125 million bpd envisaged in the business plan. It was a 4.6% improvement on the previous year. However, the low price of oil takes some of the gloss off the figures.
The main reason for the better-than-expected production was the performance of two platforms in particular: the P-58 platform serving the Parque das Baleias complex in the Espírito Santo portion of the Campos basin; and from the Cidade de Mangaratiba FPSO (floating production storage and offloading unit) in the presalt area of the Santos basin. Both are offshore Brazil.
For many months Petrobras has been enduring mostly bad news about the huge bribes-for-inflated-contracts corruption scandal and its huge debt.