SAO PAULO, Sept 3 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
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