Petrobras records 3.1% increase in oil production in the first half of 2023

In the first half of 2023, Brazil’s Petrobras revealed a 3.1% growth in its oil and natural gas production, averaging at 3.71 million barrels per day (mbpd), compared to the same period in 2022.

The company’s Q2 average daily production rose to 3.69 mbpd, a 3.9% increase from 2022, albeit a 1.4% decrease from Q1 2023.

The figures cover Petrobras’ hydrocarbon production domestically and internationally, including areas where it is the operator in partnership with other firms.

The surge in production was primarily due to pre-salt oil and gas extraction, which set a new record in Q2, following a similar record in Q1.

From April to June, Petrobras extracted an average of 2.06 mbpd from pre-salt, contributing to 78% of total production.

This surpassed the Q1 record of 2.05 mbpd, which constituted 77% of the total.

The pre-salt layer lies deep in the Atlantic Ocean and is potentially a significant source of hydrocarbons.

Contrastingly, Petrobras reported a 4.8% drop in sales, including derivatives, to an average of 2.93 mbpd during H1 2023.

Moreover, the company’s H1 exports averaged 756 million barrels per day, a 1.7% decrease compared to H1 2022.

Related coverage: Brazil sees unprecedented influx of Venezuelan migrants in Q1 2023 amid economic crisis · Precautionary state of emergency declared in Brazil's Paraná state due to bird flu · Brazil revises its stance on UN food trade liberalization and prioritizes food security · Zelensky says he will visit Brazil at Lula's invitation

More: Brazil news in English, every day from The Rio Times.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief