September 30, 2013 / 9:50 PM / in 4 years

Petrobras' August oil, gas output falls 1.8 pct yr/yr

SAO PAULO, Sept 30 (Reuters) - Production of oil and natural gas at Brazil’s state-run oil company Petroleo Brasileiro SA fell 1.8 percent in August compared with a year earlier even though some platforms re-opened after maintenance work, the company said on Monday.

Petrobras, as the firm is known, produced an average 2.499 million barrels of oil and natural gas equivalent per day (boepd) in Brazil and abroad during the month, compared with 2.544 million boepd a year earlier, the Rio de Janeiro-based company said in a statement.

But August output was 0.4 percent higher than the 2.49 million boepd produced in July as three platforms that had been closed for maintenance reopened and wells on two other platforms started producing.

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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