Petrobras Resumes Production at Tupi Field FPSO After Safety Shutdown, Set to Restore Tens of Thousands of Barrels Per Day

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR)  is one of the best high volume stocks to buy according to Wall Street analysts. On October 13, Bloomberg reported that Petrobras announced that it would resume offshore production at a platform located in one of its two largest oil fields, Tupi, potentially adding to a global supply glut that has crude oil prices hovering around $60 a barrel.

This restart involves the floating production vessel/FPSO known as the Cidade de Angra dos Reis, following the completion of work requested by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels/ANP. The FPSO had previously produced 43,951 barrels per day in January before the ANP shut it down the following month due to safety concerns.

The vessel resumed operations this week after completing the necessary maintenance and compliance work ordered by the regulator earlier in the year. The resumption of production at the flagship Tupi field, a highly productive pre-salt asset, is expected to restore output by tens of thousands of barrels per day, returning it to pre-shutdown levels. Petrobras also plans to further optimize the field’s subsea network to ensure long-term, sustained flows.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) explores, produces, and sells oil and gas in Brazil and internationally. It operates through three segments: Exploration & Production; Refining, Transportation & Marketing; and Gas & Low Carbon Energies.

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