Sharply weaker oil prices and the global COIVD-19 pandemic had little material impact on Brazil’s massive offshore oil boom. Even the fact that the oil rich Latin American country is among the countries most severely impacted by the pandemic, with Brazil ranked second for cumulative deaths and third by cases globally, has done little to impede its rapidly growing oil production. Brazil’s national oil company Petrobras last week announced record 2020 hydrocarbon production. Oil output hit a new record of 2.28 million barrels daily while total hydrocarbon output reached a record 2.84 million barrels of oil equivalent per day. Those solid numbers represent an impressive 5% and 2.5% year over year increase, respectively. Petrobras’ focus on developing its pre-salt oil assets was responsible for this impressive growth. During 2020 Brazil’s national oil company pumped 1.86 million barrels of oil equivalent from its pre-salt oilfield, which was a 46% increased […]