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Output slumps for Petrobras

Sept. 4, 2013 at 6:43 AM   |   Comments

RIO DE JANEIRO, Sept. 4 (UPI) -- Scheduled maintenance at fields in the Campos basin offshore Brazil was responsible for a monthly decline in oil production, Petroleo Brasileiro said.

The company, known also as Petrobras, said July oil output from its operations in Brazil was 1.8 million barrels per day in July, approximately 4.6 percent lower than the previous month. Brazil ranks second behind Venezuela in terms of proven oil reserves in South America.

Petrobras said Monday the July decrease was in part due to scheduled maintenance at a drilling platform in the Campos basin.

The company's total output of oil and natural gas in Brazil was 2.2 million barrels of oil equivalent per day, 4.9 percent lower than the total for June.

The company said, however, it expected new oil to come from the Papa Terra project in the Campos basin by mid-October following rig work there.

An estimated 50 billion barrels of oil lies off Brazil's coast, a volume that's expected to put the Latin American country on par with some of the world's top oil producers.

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