Petrobras Q1 Production Surges: 3.7% Growth Signals Strong Performance

01 May, 2024

Petrobras concluded the first quarter with a notable surge in production, totaling 2.77 million barrels of oil equivalent per day (boe/day) both domestically and internationally, marking a 3.7% increase compared to the previous year. Within Brazil alone, production reached 2.74 million boe/day, showcasing a robust 3.9% growth year over year, with significant contributions from oil and natural gas liquids (NGL). Notably, oil and NGL extraction recorded a substantial 4.4% rise to 2.23 million barrels/day, while natural gas production increased by 1.6% to 507,000 boe/day.

Despite a slight decline in international production by 8.3%, Petrobras remained buoyant in its operational performance. The company attributed the dip in pre-salt oil production to operational challenges, offset partially by increased contributions from key FPSOs and new well projects. Similarly, post-salt production experienced a decrease of 10.4%, attributed to maintenance and natural decline.

In refining, Petrobras reported a commendable 6.1% surge in oil product production, with diesel and gasoline witnessing notable growth. However, domestic sales experienced a minor decline of 2.9%, primarily due to seasonal consumption patterns and regulatory changes. Despite these fluctuations, Petrobras maintained a high refinery utilization factor of 92%, underlining its operational resilience amidst market dynamics.

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