Thanks to increased production at the prolific pre-salt offshore basin, Petrobras expects its oil and gas production this year to exceed earlier guidance, Brazil’s state oil firm said as it reported its production figures for Q3. Petrobras sees its average production for 2020, reaching 2.84 million barrels of oil per day (boed), of which 2.28 million bpd of oil, with a margin of error of 1.5 percent. This estimate exceeds by 2.5 percent the upper range of its original production guidance of 2.7 million boed total output and 2.2 million bpd of crude oil production. Petrobras has managed to quickly restore production in Q3 of platforms that had to stop work due to the COVID-19 pandemic and the measures to contain it, which have been especially challenging for offshore operators. Petrobras’ production of oil, natural gas liquids (NGL), and natural gas averaged 2.95 million boed in the third quarter, […]