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Petrobras keeps 2015 output target despite strike

Bnamericas Published: Monday, November 23, 2015
Petrobras keeps 2015 output target despite strike

Brazil's Petrobras maintained its 2015 oil production target on Monday despite a 20-day workers strike that cost the state-run company 2.29Mb in lost crude output.

Petrobras said operations at affected platforms were "being normalized" after unions agreed to end the stoppage on Friday.

"Despite the impact on volumes, Petrobras has kept its production target of 2.125Mb/d for 2015," the Rio de Janeiro-based firm said in a statement.

The company added that natural gas production had also fallen by 48.4Mm3 during the walkout. It said refineries had not been affected.

Workers began the strike on November 1 to protest Petrobras' plans to downsize. SindipetroNF members had also sought an 18% wage rise and full pay for each day of the stoppage.

SindipetroNF workers operate platforms in the Campos basin that account for about 64% of Brazil's oil production and 34% of natural gas output.

Stricken by a lingering corruption scandal and a US$134bn debt load, Petrobras has slashed US$101bn from its five-year investment forecast since June. The company also plans to sell assets worth US$15.1bn by the end of 2016.

According to FUP, the cuts and privatization plans threaten thousands of oil industry jobs.

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