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Brazil’s Petrobras maintains production target for 2021: executive

RIO DE JANEIRO (Reuters) – Brazil’s state-owned Petrobras SA will maintain its 2021 production target, the company’s head of exploration and extraction, Fernando Borges, said in a video conference on Friday a day after the release of its quarterly results.

Drilling activity in the deepwater equatorial region could begin in 2022, provided environmental impact licenses are obtained, Borges said.

On Thursday, the oil company reported a profit of 1,167 million reais in the first quarter (220 million dollars), a relevant improvement compared to the same period last year, when Petrobras suffered a loss of 48,500 million reais derived from amortizations for the coronavirus pandemic.

Earnings before taxes, depreciation, interest and amortization (EBITDA) reached 48.9 billion reais, above the forecast of a Refinitiv profit survey of 45.3 billion reais.

Petrobras’ new CEO Rodrigo Araujo said the company would continue with its 2021-2025 strategic plan after changes in management, so it will seek a significant reduction in its debt and focus on the exploitation of its assets in deep water.

(1 dollar = 5.31 reais)

(Reports by Gram Slattery and Sabrina Valle. Edited in Spanish by Marion Giraldo)

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