Brazil output hits new record in May

Brazil's overall oil and gas production hit a new record in May of 2.721 million barrels of oil equivalent per day on strong output from Petrobras and BG Group, regulators said.

Brazil's National Petroleum Agency said the May figure surpassed the next-highest total production figure of 2.678 million boepd achieved in January 2012.

The growth is a victory for the country and state-led oil company Petrobras, which has struggled to meet production goals and posted months of production declines given maintenance stoppages and delays to new production systems in its pre-salt province.

On 24 June Petrobras reported a record of gross 520,000 bpd -- 406,000 bpd net -- from pre-salt areas, a milestone coming just eight years after the area saw its first discovery in the province in 2006.

Overall production of oil and condensate was up 9.8% from May 2013 at 2.189 million bpd, driven in part by the ramp-up of pre-salt production units from Petrobras but driven by output from the UK's BG.

Natural gas production was up by 12.9% to 83.4 million cubic metres per day, though the ANP also reported a sharp jump in flaring from last year.

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