Petrobras Increases Oil and Gas Production by 2.4% in a Year

In the second quarter of 2024, Petrobras boosted oil and natural gas production by 2.4% compared to 2023.

The company recorded an average production volume of 2.7 million barrels of oil equivalent per day (boed).

This growth stemmed from the ramp-up of FPSOs Almirante Barroso, P-71, Anna Nery, Anita Garibaldi, Sepetiba, and the start of 12 new wells.

Notably, eight wells began operations in the Campos Basin and four in the Santos Basin.

However, production dropped by 2.8% compared to the first quarter of 2024. Petrobras attributed this decline to maintenance stoppages and the natural depletion of mature fields.

Petrobras saw a 3.2% rise in domestic sales of petroleum derivatives, led by diesel and LPG.

Sales of S-10 diesel represented 64% of total diesel sales, setting a new quarterly record. The production and sales report now includes atmospheric emissions data.

Greenhouse gas emissions from oil and gas activities reached 21.4 million tons in the first half of 2024, up from 20.7 million tons in the same period in 2023.

In refining, the utilization rate of Petrobras’ refineries was 91% in the second quarter of 2024, despite scheduled maintenance at REPLAN, REDUC, RECAP, REVAP, and REGAP.

Pre-salt oil accounted for a record 69% of the refineries’ feedstock. This increased the production of higher-value derivatives and reduced emissions.

Total derivative production fell by 0.5% compared to the previous quarter. However, production of jet fuel, gasoline, and diesel rose, comprising 69% of the total refined output.

Petrobras also signed contracts to supply approximately 940,000 m³/day of natural gas to free consumers.

Petrobras Increases Oil and Gas Production by 2.4% in a Year

The company included a performance bonus mechanism for distributors to offer price reductions for higher consumption.

Despite a 3 million m³/day decline in Q1 natural gas sales, the company saw a 2 million m³/day drop in Bolivian imports due to increased market competition.

Key milestones included the arrival of the FPSO Marechal Duque de Caxias. It anchored in the Mero field of the Santos Basin pre-salt and will start operations in the second half of 2024.

The FPSO Maria Quitéria’s production start moved up to the last quarter of 2024. This platform, en route from China, will operate in the Jubarte field in the Campos Basin.