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.