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Petrobras domestic output up

Brazilian giant reaches record oil and gas output in home market but flows down elsewhere

Petrobras hit record oil and gas production in Brazil last year with the pre-salt in particular boosting numbers, but divestments led to a drop in international output.

The Brazilian state giant recorded total domestic production in 2016 of 2.63 million barrels of oil equivalent per day, up 1% from the previous year.

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Of this oil accounted for 2.14 million barrels per day, slightly ahead of the targeted 2.145 million bpd and less than 1% above the previous year. The prolific pre-salt layer produced 1.02 million bpd, up a third from 2015.

Domestic gas output last year was 77 million cubic metres per day, a record for the Rio de Janeiro-based outfit.

Much of the growth was attributed to a significant rise in production from the Libra and Sapinhoa fields in the Santos basin and the Parque bas Baleias field in the Campos basin.

The international portfolio, however, was a different story, with oil production down 19% year-on-year to 80,000 bpd, and gas flows down 11% to 13.7 MMcmd. “Reduction occurred mainly because of divestments executed, such as the sale of Petrobras Argentina,” the company said.

Total production for the year was unchanged at 2.79 million boepd, with oil output at 2.22 million bpd.

Petrobras this week launched a programme to buy back up to $2 billion of existing bonds in cash, while also offering new debt.