In brief: Brazil’s Petrobras posts 2019 production results

* Brazil’s state-owned oil company Petrobras has announced that it closed the year 2019 with “excellent operational performance”, as annual production averaged 2.77m of barrels of oil equivalent per day (boed), a 5.4% increase on 2018 production. In the fourth quarter of 2019, production averaged 3.025m boed, reaching a record 3.3m boed average in December. Petrobras notes that production in the 'pre-salt' deep water fields represents over half of the country’s total production and is expected to keep expanding. Petrobras also saw its oil exports increase by 25.2% in 2019, compared with 2018, and overall exports grow 24.2% year-on-year.

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