Petrobras Reports Improved Results in Third Quarter 2019

RIO DE JANEIRO, BRAZIL – According to the data announced by the company, there was growth in the production of oil, liquid natural gas (LNG) and natural gas of 9.3 percent over the second quarter of the year and a 17 percent increase in deep water pre-salt production, which currently represents 60.4 percent of all oil production in Brazil.

The pre-salt drilling’s strong performance, according to Petrobras, is due to the increased production of six platforms that went into production in 2018 and 2019: P-74, P-75, P-76, and P-77 in the Búzios field, and P-67 and P-69, in the Lula field.

In terms of refining, Petrobras increased its production of derivatives by 2.9 percent compared to the previous quarter, which also contributed to a reduction in imports, in particular of gasoline and liquefied petroleum gas (LPG), through increased use of its refining facilities, which grew from 76 to 80 percent.

“Derivatives sales increased 3.5 percent compared to the previous quarter, with a noteworthy increase in diesel sales, which rose 5.2 percent, driven by the planting of the grain crop and by industrial activity. LPG sales rose 3.2 percent in comparison with the second quarter of this year,” said the company.

Historical date

The company noted that in September it marked 51 years since the first oil production on the Brazilian continental shelf, 8 km off the coast of Aracaju, at a 33-meter water depth, which marked the beginning of offshore production in Brazil.

“Nine years later, in August 1977, we produced the first oil in Enchova, in the Campos Basin, four times as deep, marking the beginning of a success story that was followed by the discovery of the giant fields in the following decades, until we discovered the pre-salt, which today represents 60.4 percent of oil production in Brazil,” said the company.

Currently, there is oil production in increasingly deeper water depths, over 2,100 meters deep and 300 km off the coast.

Source: Agência Brasil