Petro was expecting lower production costs for the year. My interpretation was that they would need 10,000bbl/d to achieve lifting costs of $26 to $28 per barrel.
"we believe then after the re-entries and after we reach a production of 10,000 barrels a day, our average lifting cost for the year is expected to be between $26 and $28" (CEO Mayhew 1Q16 C.C.)
However, pleased to have been proven wrong on my interpretation, I think the costs are comparable to other producers in Campos Basin, also Petro has renegotiated contracts with suppliers and managed to increase production volume, the more we produce the lower the costs per barrel.
