Liquids production in Brazil eased m-o-m to 3.15 mb/d in January, but was higher y-o-y by 0.43 mb/d. According to Petrobras, y-o-y added volumes were led by higher output from wells in the Lula and Sapinho? fields of the Santos Basin and the P-52 and P-62 platforms of the Roncador field in the Campos basin. Production from pre-salt reservoirs also hit a record high of 0.67 mb/d. Petrobras will be increasing maintenance this year in order to improve efficiency, which will impact 50 tb/d of output, 20 tb/d more than in 2014.
Overall, output across 1H15 is expected to continue to benefit from the ramp up of projects that started in 2014, and which are likely to be stronger y-o-y given a weaker base.