Oil production by Petroleo Brasileiro SA fell 3.5 percent in the first quarter f...
FILE PHOTO: The logo of Brazil's state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. REUTERS/Paulo Whitaker
In a statement, the regulator said the production declines were due to maintenance work and other interruptions in January and February at platforms and FPSO units owned by Petrobras, as the firm is known. Production at Petrobras has been hit by a decline in investments in the firm’s more traditional onshore and ‘post-salt’ offshore assets. The company is also divesting many of its legacy oilfields, but relatively few of those sales have so far closed.
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