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Petrobras O&G Output Rises 2% in May

Maritime Activity Reports, Inc.

July 1, 2014

Photo: Petrobras

Photo: Petrobras

Brazil's state-run oil company Petrobras said on Tuesday it produced an average of 2.61 million barrels per day (boepd) of oil and equivalent natural gas in May domestically and abroad, up 2 percent from the previous month.

Petroleo Brasileiro SA, as the firm is formally known, said production in Brazil reached an average of 2.39 million barrels per day (boepd) of oil and equivalent natural gas, up 2.2 percent from the previous month.

Jose Formigli, Petrobras' head of exploration, described the results as "very good" at an event in Rio de Janeiro on Tuesday.

Preferred Petrobras shares, the company's most traded stock, were down 1.6 percent.

(Reporting by Jeb Blount; Writing by Stephen Eisenhammer and Reese Ewing; Editing by Bernard Orr)

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