Brazil's state-run oil firm Petrobras has been producing 1 million barrels of oil per day at its offshore Tupi field since Friday, CEO Magda Chambriard told Reuters on Tuesday…
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Brazil's state-run oil firm Petrobras has been producing 1 million barrels of oil per day at its offshore Tupi field since Friday, CEO Magda Chambriard told Reuters on Tuesday.
The milestone is the result of an effort by Petrobras to boost production in the declining oil field, which was once Brazil's biggest.
"It is the rescue of a symbol for Brazil," Chambriard said.
In a statement, she said Petrobras now has two giant oil fields with the potential to produce more than 1 million bpd - Tupi and Buzios. Both are located in the country's pre-salt Santos basin off the coast of Rio de Janeiro.
The company connected 11 wells to production vessels in the Tupi field in 2025, it said in a statement. Petrobras also is looking into building more wells, as well as putting a new floating production vessel in Tupi by 2031, it added.
Since she took over as Petrobras' chief executive officer in 2024, Chambriard has pushed it to increase production in declining oil fields, often repeating the mantra that "every drop matters" during speeches and presentations.
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