Petrobras Sets Production Record

Petrobras reported a one-day domestic production record of 1.62 million barrels on Wednesday, up from the previous mark of 1.57 million achieved last December. The increase was due in large part to higher operating efficiency of its key fields. Around 1.32 million bpd from of the total came from Campos Basin, which also set a daily output record. Most of the Campos Basin crude was extracted at the Marlim, Marlim Sul and Albacora fields, which produced 605,488 bpd, 173,271 bpd and 149,773 bpd, respectively. In April, the company set a record for average daily production in a month, producing 1.51 million bpd.

In other news, Petrobras was fined 20 million reais ($8 million) in connection with environmental damage to a bay resort area not far from Rio de Janeiro following a spill on Monday of about 16,000 liters of oil from one of its tankers. Environmental and government authorities have fined the company, already infamous for a series of embarrassing oil spills, eight times in the past 12 months. Petrobras will likely be fined again for Monday's accident by the state environmental body Feema.