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Petrobras Increases Oil Production, Deserts Refinery Plans

Brazilian state-run oil firm Petrobras flagged another leading production boost, while formally scuttling a refinery mission outside Rio de Janeiro, underlining its laser-like target on offshore oil exploration and manufacturing.

At breakfast with journalists, Petrobras Exploration and Production Director Carlos Alberto de Oliveira stated the agency would produce over 2.7 million barrels of oil equivalent per day (boepd) this year, with total production on the upper end of the agency’s target varies.

In its formal guidance, Petroleo Brasileiro SA, because the firm is formally identified, predicted it could produce 2.7 million boepd this year, although precise production could vary 2.5% above or below the goal. The agency produced a record 3.1 million boepd last month, the chief said, with production reaching 3.2 million barrels during one day in the month.

CEO Roberto Castello Branco stated research performed alongside China National Petroleum Corp (CNPC) in recent months decided that it would not be possible to complete the Comperj refinery outside Rio de Janeiro.

The formal declaration was not unexpected.

Comper has long been a symbol of endemic graft, and Castello Branco called it a “cemetery of corruption” Monday. Petrobras is also soon exiting its downstream business and is presently selling off eight refineries all through Brazil.

The declaration appeared to put a nail in the coffin of the troubled refinery venture, although Petrobras officials have signaled they plan to continue to utilize the Comperj facility for less ambitious tasks such as increasing industrial lubricants production.

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Heather Freeman

Heather leads the Crude Oil Column. Her team comprises of four associates, along with them, Heather takes care of the stories written under the column. She has a vast knowledge of oil refiners across the globe, machinery used, current trade developments, the US’ alliance with oil-rich countries, and a lot. Heather is a Finance degree holder from New York University.

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