Brazilian state-run oil company Petrobras PETR4.SA said on Wednesday that its crude oil production during the first quarter fell 4% compared to the same period last year.

Petroleo Brasileiro SA, as the company is formally known, pumped 2.141 million barrels per day (bpd) between January and March.

Including natural gas output, the Brazilian oil giant produced a daily average of 2.676 million barrels of oil equivalent, down 4.3% from the previous year, but slightly up from the final quarter of 2022.

The Rio de Janeiro-based company said that 1.702 millions of barrel per day, or around 77% of its total oil output in the period, came from Brazil’s pre-salt fields on the country’s southeastern Atlantic coast.

Production on deep and ultra-deep waters, on the other hand, fell 18% from the first three months of last year, mainly due to the shutdown of two platforms and the sale of oil fields Albacora Leste and Papa-Terra, Petrobras said, also mentioning the natural decline in production.

Those effects were partially offset by the start of production of four new wells in Campos Basin, the firm added.

Sales of oil, gas and derivatives came in line with the previous year, at 3.06 million barrels of oil equivalent per day.
Source: Reuters (Reporting by Peter Frontini; Editing by Brendan O’Boyle)