The Union’s oil production registered a new record in October, reaching a volume of 104 thousand barrels per day (bpd). This is the first time that the 100,000 bpd mark has been surpassed.
In recent months, the Union’s production has been breaking records in succession. October’s result is 4.4% higher than September’s, when 99 thousand bpd were recorded. It was, until then, the largest volume ever recorded.
With October’s performance, the Union became the fifth largest oil producer in Brazil. It is also the first time this position has been achieved. The data comes from this Monday’s bulletin (16) released by the state-owned company Pré-Sal Petróleo SA (PPSA), legally responsible for managing contracts for the sale of the Union’s oil.
The majority of the Union’s production concerns contracts signed under the sharing regime, which began to be adopted in the country with the approval of Federal Law 12,351/2010. Through it, oil companies interested in exploring oil in the tendered areas must offer the State a percentage of the surplus produced. The one that presents the best conditions wins the competition.
According to PPSA, the volume related to production under sharing contracts totaled 100.13 thousand bpd in October. Another 3.48 thousand bpd correspond to Production Individualization Agreements (AIPs), a legal institution that must be signed with the Union so that the company can explore the portions of a deposit that are located outside a contracted area.
Still according to the state-owned company, growth in October was driven mainly by excess production in the Sépia Field. PPSA projections for the coming years indicate that Union production could exceed 500 thousand bpd in 2030.
In October, the Union was also entitled to a record production of natural gas of 255 thousand cubic meters per day, a volume 57% higher than the result in September. “Since 2017, the Union’s accumulated oil production has already totaled 62.5 million barrels and 277 million cubic meters of natural gas”, informs the PPSA.
