Petrobras: Oil and gas production grows 3.7% in first quarter of 2024

Petrobras' average production of oil, natural gas liquids (NGL) and natural gas in the first quarter of this year stood at 2.776 million barrels of oil equivalent per day (boed), marking a 3.7 percent increase compared to the same period in 2023.

The company attributes the variation primarily to the evolution of production from FPSOs (platform ships that produce, store, and transfer oil and gas), along with the commissioning of 19 new wells from supplementary projects across the Campos (11) and Santos (8) basins.

Compared to the fourth quarter of 2023, production fell by 5.4%, due to the higher volume of losses from stoppages and maintenance, as provided for in the 2024-28 Strategic Plan, alongside the natural decline of mature fields.

On March 7, the state-owned company commenced gas transportation operations in the Santos Basin. During that month, the Búzios shared field achieved the significant milestone of 1 billion barrels of oil produced. Presently, the field is served by five platforms: P-74, P-75, P-76, P-77, and the Almirante Barroso. According to the 2024-28 Strategic Plan, six additional units are slated for installation in the field by 2027.

Derivatives

In the refining, transportation, and marketing segment, total production of oil products in the first quarter reached 1.753 million barrels per day (mbpd), marking a 6.1 percent increase compared to the same period last year. Diesel, gasoline, and aviation kerosene accounted for 67 percent of the total production in the quarter, consistent with the share reported in the same period last year.

Petrobras has broadened its range of sustainable products in the domestic market by introducing diesel with renewable content (R5) in São Paulo at the Presidente Bernardes Refinery. This move aligns with the capability of the Presidente Getúlio Vargas Refinery to regularly offer fuel that mitigates greenhouse gas emissions.

Furthermore, the company has established a partnership with the nation's second-largest asphalt distributor to market CAP Pro W, a product launched at the end of last year, thereby fostering the growth of a more sustainable asphalt market.