JPT Topics 

The state-owned firm is looking within its home country, around Southeast Asia, and to the Americas—including shale—in an effort to maintain its forecast average yearly production of 1.7 million BOE/D over the next 5 years. The financial effects of the downturn are set to last at least a decade—which puts the industry almost at the halfway point. Petrobras and Shell have brought online the Lula field’s seventh FPSO as the firms continue to ramp up production from the pre-salt Santos Basin. The national oil company’s aim to lift oil and gas production and reserves over the next few years will rely on growth from big international projects, including those in Nigeria, Guyana, and the US. A new report predicts that US output will rise to a new record high of 12.1 million B/D in 2020.