Oil, gas output in December 2013, highest in 2 years

MEXICO CITY – Brazilian output of oil and natural gas rose to its high¬est level in nearly two years in December 2013 as new fields came on line to re¬place declining output from older areas.

Forty-six companies produced 2.62 million barrels of oil equivalent per day from Brazilian on-shore and offshore fields in the month, the highest daily average since February 2012. Output was 1.5 percent more than a year earlier and 1.7 percent higher than in November and production was aided by a record output of natural gas in the month.

Brazilian output has stagnated in recent years as state-run oil company Petroleo Brasileiro SA, or Petrobras, was forced to perform maintenance on some of its older platforms and new fields were delayed coming on line.

Petrobras, which owned 87 percent of Brazil’s output in December, expects output in 2014 to rise as it brings new production ships on line.

– BUSINESS DAY

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