In May, our total oil and natural gas output was 2,80 million barrels of oil equivalent per day (boed), of which 2.68 million boed produced in Brazil and 120,000 boed abroad. The average oil output in the country was 2.18 million barrels per day (bpd), 3.9 percent more than in April.
This Monday (June 19), our Board of Directors approved the signing of an agreement to end an individual action brought before the Federal Court of Pennsylvania, in the United States, by a group of affiliates of The Vanguard Group, Inc. (“Vanguard”).
We executed a funding operation with Banco do Brasil in the form of an Export Credit Note (ECN) for R$7 billion, maturing in 2022. Simultaneously, we settled in advance ECNs in the amount of R$6 billion, scheduled to mature in 2019, with the same financial institution.
We made the full prepayment of an export credit note with Banco Itaú in the amount of R$1 billion and with maturity in 2020.
We will continue to evaluate new opportunities to manage our liabilities, with a view to improving the amortization profile and reducing the cost of debt, taking into account the deleveraging targets set forth in our 2017-2021 Business and Management Plan.