Brazil’s state-led oil company produced an average 2.49 million barrels of oil and natural gas equivalent a day in Brazil and abroad during the month, compared with 2.55 million boepd a year earlier, the company said in a statement cited by Reuters.
July output was 4.67% lower than in June.
Despite the discovery of giant new offshore oil reserves since 2007 and a $237 billion five-year investment plan – the world’s largest corporate spending program – production at Petrobras has been stagnant or declining since January 2012, when output reached 2.73 million boepd.
Emergency and scheduled maintenance, combined with lower output from older fields and delays in bringing new areas on line, have been the main reasons for falling output.
Petrobras produces about 90% of Brazil’s oil and natural gas.