Petrobras oil, gas output in July falls 2.5 pct on maintenance

SAO PAULO, Sept 3 Tue Sep 3, 2013 7:26pm IST

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SAO PAULO, Sept 3 (Reuters) - Production of oil and natural gas at Brazil's state-run oil company Petroleo Brasileiro SA fell 2.5 percent in July compared to a year earlier as platforms and production facilities were shut down for maintenance.

Petrobras, as the company is known, produced an average 2.49 million barrels of oil and natural gas equivalent a day (boepd) in Brazil and abroad during the month, compared with 2.55 million boepd a year earlier, the Rio de Janeiro-based company said in a statement.

July output was 4.67 percent lower than in June.

Despite the discovery of giant new offshore oil reserves since 2007 and a $237 billion five-year investment plan - the world's largest corporate spending program - production at Petrobras has been stagnant or declining since January 2012, when output reached 2.73 million boepd.

Emergency and scheduled maintenance, combined with lower output from older fields and delays in bringing new areas on line, have been the main reasons for falling output.

Petrobras produces about 90 percent of Brazil's oil and natural gas.

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