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Petrobras' domestic crude production fell 4.
4 percent in the first quarter of this year from a year earlier, as asset sales and ongoing platform maintenance at offshore fields offset growth
in sub-salt production, Petrobras said on Tuesday.
The company said in its earnings report released before the opening of the stock market that it averaged 208.
6 million barrels in the first quarter, down from 282 million barrels
in the same period in 2017.
Production in the first quarter of 2018 was also down 2.
5%
from 214,000 barrels in the fourth quarter of 2017.
Petrobras said the decline reflected "programmatic shutdowns and divestment from the Lapa field.
"
In January, Petrobras completed a 35
percent operating stake in Lapa, France.
Petrobras retains a 10% minority stake in the salt field, which produced First Oil
in December 2016.
Maintenance work in recent months has focused on overhauls on offshore production, storage and offloading vessels, which are produced in promising frontiers, with Petrobras dominating
.
Maintenance work accelerated in mid-2016 and was cited as an important factor
in the decline in production in recent months.
However, the company expects production to decline to 2.
1 million barrels in 2018, down from 2.
154 billion barrels in 2017, as the company plans to sell currently produced fields
under its $21 billion divestment program in 2017-2018.
Petrobras currently owns more than 100 onshore and offshore fields
in the auction block.
Petrobras' domestic crude production fell 4.
4 percent in the first quarter of this year from a year earlier, as asset sales and ongoing platform maintenance at offshore fields offset growth
in sub-salt production, Petrobras said on Tuesday.
The company said in its earnings report released before the opening of the stock market that it averaged 208.
6 million barrels in the first quarter, down from 282 million barrels
in the same period in 2017.
Production in the first quarter of 2018 was also down 2.
5%
from 214,000 barrels in the fourth quarter of 2017.
Petrobras said the decline reflected "programmatic shutdowns and divestment from the Lapa field.
"
In January, Petrobras completed a 35
percent operating stake in Lapa, France.
Petrobras retains a 10% minority stake in the salt field, which produced First Oil
in December 2016.
Maintenance work in recent months has focused on overhauls on offshore production, storage and offloading vessels, which are produced in promising frontiers, with Petrobras dominating
.
Maintenance work accelerated in mid-2016 and was cited as an important factor
in the decline in production in recent months.
However, the company expects production to decline to 2.
1 million barrels in 2018, down from 2.
154 billion barrels in 2017, as the company plans to sell currently produced fields
under its $21 billion divestment program in 2017-2018.
Petrobras currently owns more than 100 onshore and offshore fields
in the auction block.