Petrobras Records 2.4% Increase In Oil And Natural Gas Production In 12 Months

Increased sales of derivatives in Brazil and a high refinery utilization factor are also highlighted in the Production and Sales Report for the second quarter of 2024

Petrobras ended the second quarter of 2024 (2Q24) with an average production of 2.7 million barrels of oil equivalent per day (boed), an increase of 2.4% compared to the same period last year (2Q23). The increase was driven by the ramp-up in production of the FPSOs Almirante Barroso, P-71, Anna Nery, Anita Garibaldi, and Sepetiba, as well as the start-up of 12 new wells from complementary projects, eight in the Campos Basin and four in the Santos Basin.

Compared to the first quarter of this year (1Q24), production was 2.8% lower, mainly due to the higher volume of losses due to maintenance stoppages, as foreseen in the 2024-28+ SP, and the natural decline of mature fields.

Sales of oil products on the domestic market rose by 3.2% in the quarter, with diesel and LPG sales standing out, reflecting more significant economic activity and lower average temperatures, respectively. Sales of S-10 diesel in this quarter accounted for 64% of Petrobras' total diesel oil sales, setting a new quarterly record.

As of this quarter, the production and sales report also includes data on Petrobras' atmospheric emissions. In the first half of 2024, operational greenhouse gas emissions from the company's oil and gas activities were 21.4 million tons, a similar level to 1H23, when they reached 20.7 million tons.

The refinery utilization factor remains high
The refining park's total utilization factor (FUT) remained high at 91% in 2Q24, even considering the scheduled stoppages at the REPLAN, REDUC, RECAP, REVAP, and REGAP refineries.

The share of pre-salt oil in refinery loads reached a record quarterly rate of 69%, favoring the production of higher value-added derivatives and reducing emissions.

Total production of derivatives fell slightly, by 0.5% compared to the previous quarter. At the same time, there was an increase in the production of gasoline and diesel, higher value-added products. In 2Q24, QAV, gasoline, and diesel production accounted for 69% of the total refined.

New natural gas product portfolio
In 2Q24, natural gas supply contracts with a volume of approximately 940,000 m³/d were signed and amended as free consumers. Additions were also made to supply contracts with six distributors, including a performance bonus mechanism with price reductions based on higher consumption by customers, a mechanism created to make Petrobras more competitive.

Natural gas sales fell by around 3 million m³/day compared to 1Q24, due to the increased participation of other agents due to the market opening process. On the supply side, Petrobras reduced 2 million m³/day in natural gas imports from Bolivia, in line with the contractual flexibilities negotiated.

New platforms will start operation in 2024
A significant milestone in the last quarter was the arrival of the FPSO Marechal Duque de Caxias in Brazil and the completion of its mooring in the Mero field in the pre-salt Santos Basin. The platform, which will be the field's third definitive production system, is scheduled to start operating in the second half of this year.

The FPSO Maria Quitéria, on the other hand, has been moved forward to the last quarter of 2024. The platform left the shipyard in China in May and is sailing to Brazil. The unit will operate in the Jubarte field, located in the pre-salt of the Campos Basin, off the coast of Espírito Santo, and has technologies for decarbonization, such as the combined cycle in energy generation and the Flare Gas Recovery Unit - FGRU (closed flare).