Brazil's Petrobras Meets 2024 Oil, Gas Production Targets

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Brazil's state-owned Petrobras (NYSE:PBR) (Rio de Janeiro) produced 2.4 million barrels of oil equivalent per day (BOE/d) in 2024, aligning with its strategic plan for 2024-28. Oil output accounted for 2.2 million barrels per day (BBL/d) of the total volumes, while the remaining referred to natural gas production.

Pre-salt output, the company's flagship production, accounted for about 81% of its volumes. Overall, Petrobras' production in its owned and operated pre-salt assets stood at 2.2 million BOE/d and 3.2 million BOE/d, respectively. Operated production refers to volumes managed by Petrobras but shared with partners.

Petrobras expects to increase its commercial production capacity to 2.5 million BOE/d in 2025 and continue the trend until it reaches 2.8 million BOE/d by 2029. Pre-salt output is expected to represent 80% of the volumes this year and remain close to that level until 2029.

In addition, Petrobras expects to drill 51 exploration wells in search of new reserves, to cope with the natural decline of its fields and replace its current production. Based on its strategic plan, production from the company's operating assets would continue to decline in the coming years if new projects are not added.

Last year, Petrobras started two floating production storage and offloading (FPSO) projects to expand its production: the FPSO Maria Quiteria in the Jubarte oil field at the Campos Basin, which initially was expected to start production in 2025, and the FPSO Marechal Duque de Caxias in the Mero Field of the Santos Basin.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Plant and Project databases can learn more from detailed profiles of the Maria Quiteria and Marechal Duque de Caxias facilities, and click here for a list of related project reports.

Between 2025 and 2030, Petrobras plans to install at least 14 new FPSOs, many of them to be deployed at the Buzios field, one of Brazil's largest producing assets and the world's largest deepwater field. The company is studying six other projects to add to its portfolio.

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