Brazil's Petrobras plans to increase production capacity at another six of its oil platforms, said its Chief Financial Officer in a call with analysts on Wednesday following the state-run oil firm's third-quarter earnings report.
Petrobras has already pushed 11 oil production vessels to produce beyond their nominal capacity, in a move that has boosted production to record levels over the past few quarters.
The capacity expansion at the six platforms would represent an increase of up to 260,000 barrels of oil per day in production, said CFO Fernando Melgarejo.
Petrobras shares were down about two per cent in afternoon trading after the company posted weaker-than-expected third-quarter results.
Analysts cited lower-than-expected dividends and an increase in capital expenditure projections for the year as concerns.
The increase in Petrobras' capital expenditure forecast, a measure of investment, is aimed at raising output, Melgarejo said.
Petrobras invested to connect more wells in order to raise output, said CEO Magda Chambriard, noting 49 wells were linked in the first nine months of 2026, against 44 wells planned for the full year.
Petrobras fourth-quarter results are expected to benefit from high Brent crude prices in September, Melgarejo said, because oil exported that month has yet to be paid for.
(Reporting by Fabio Teixeira and Marta Nogueira in Rio de Janeiro; Editing by Andre Romani)