Brazil's oil and gas production hit a record high in March

According to a report on the BNAmericas website, data from Brazil's National Petroleum Agency (ANP) showed that the country's oil and gas production reached a record high of 4.662 million barrels of oil equivalent per day (boepd) in March.

Among this, crude oil production was 3.62 million barrels per day (bpd), up 3.8% MoM and 7.9% YoY.

Natural gas production was 165.53 million m³ per day, up 4.3% MoM and 15% YoY.

Offshore oil production accounted for 97.6% of the total production, while natural gas accounted for 87.9%. The production from oil and gas fields owned or operated by Petrobras accounted for 90.2% of the country's total production.

The increase in production was attributed to the rising output from recently deployed floating production, storage, and offloading (FPSO) vessels, including Petrobras' Maria Quitéria, Marechal Duque de Caxias (MDC), and Almirante Tamandaré, as well as Brava Energia's Atlanta.

In the short term, production is expected to rise further with the commissioning of several new FPSOs, including Petrobras' Alexandre de Gusmão and P-78, PRIO's Wahoo, and TotalEnergies' Lapa Sudoeste.