Brazil's Petrobras Hits Hydrocarbon Production Targets for 2022

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Petrobras (NYSE:PBR) (Rio de Janeiro, Brazil) surpassed its hydrocarbon production goals for 2022, the energy company said last week. Petrobras closed 2022 with production of 2.684 barrels per day (BBL/d) of oil equivalent, exceeding its goal by 3.2%.

Part of the reason for higher hydrocarbon volumes was the start of two new oil platforms last year at the Mero and Itapu offshore fields. The Mero field is expected to incorporate another three floating production storage and offloading (FPSO) units in the next two years to increase its production from 230,000 BBL/d in 2022 to 770,000 BBL/d in 2027, according to the company's strategic plan. Industrial Info is tracking six active Mero-related projects, worth more than US$2.5 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production project and plant databases can click here for the project reports, and click here for the related plant profiles.

Additionally, several platforms reached their maximum output. As part of its efforts to achieve its oil production goals, the company opened up 10 new wells and four complementary development injectors wells at the Campos Basin, which added up to 94,000 BBL/d.

These results offer the Brazilian company a positive outlook ahead of the new year and set Petrobras as the top oil-producing South American enterprise.

Industrial Info is tracking 100 active oil and gas production projects from Petrobras, worth more than US$30 billion. Subscribers can click here for the project reports.

Under Luiz Inacio Lula da Silva's new government, Petrobras will be getting a managerial shake-up that will reshuffle the company's plans and targets. Last week, the newly elected government proposed Jean Paul Terra Prates as the next chief executive officer of the energy company.

Prates is a member of the Brazilian Senate and Lula's party, with 30 years of experience in the energy sector. He also worked for Petrobras in the 1980s. Prates has been an advocate of cleaner energies in his years in the Senate, a goal that is expected to be carried to Petrobras, as Lula's government is heavily focusing on environmental policy and protection.

Moreover, the halt of Petrobras' downstream privatization efforts is among the changes expected by the new Brazilian government. Lula has been critical about the sale of Petrobras' refineries, and he is likely to set a policy U-turn in this regard.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).