Petrobras (PBR) Surpasses 900K bpd Production at Buzios Field

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is one of the best very cheap stocks to buy according to hedge funds. The company announced on August 18 that a field it operates surpassed 900,000 barrels of oil per day (bpd), a new production record. The Búzios Field, located in Brazil’s Santos Basin, achieved the milestone thanks to the activation of the fifth well on the Floating Production, Storage and Offloading (FPSO) Almirante Tamandaré unit.

The Búzios Field is situated approximately 180 kilometers off the coast of Rio de Janeiro. Its productive area is described as being “more than double the size of Guanabara Bay.” The field currently has six production units in operation: the platforms P-74, P-75, P-76, and P-77, as well as the FPSOs Almirante Barroso and Almirante Tamandaré. A new unit, the P-78, is en route to Brazil to further increase production. Petrobras operates the field together with a consortium of partners, including PPSA, CNPC, and CNOOC. This new record brings the Búzios Field closer to surpassing the Tupi Field, which is currently the largest oil producer in Brazil.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is an integrated energy company based in Brazil. It explores, produces, refines, and distributes oil and natural gas. The company also engages in petrochemicals, power generation, and logistics.

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Disclosure: None. This article is originally published at Insider Monkey.