Petrobras notches seventh straight month of production gains

|By:, SA News Editor

Petrobras' (NYSE:PBR) oil production rose again in August, marking the seventh month in a row the Brazilian company has seen an increase in the amount of oil it is pulling out of the Atlantic.

PBR produced ~540K bbl/day of oil with its partners Galp Energia (OTC:GLPEF) and BG Group (OTCPK:BRGXF, OTCQX:BRGYY) ; PBR President Maria das Gracas Foster says the company remains on target to achieve a 7.5% Y/Y rise in domestic oil production this year, and is on the verge of producing 2.1M bbl/day from pre-salt oil fields.

Shares reached another 52-week high earlier in the day but then fell nearly 2% in afternoon trading.