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Researched by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Petrobras (NYSE:PBR) (Rio de Janeiro, Brazil) reported a net income of US$5.8 billion amid stable production in the second quarter of 2023. The company was upbeat about its operations, particularly its refining rates, despite a nearly 50% drop in net income from second-quarter 2022, which it attributed to weak energy prices.
Petrobras' oil production stood at 2.1 million barrels per day (BBL/d) for the second quarter, on par with the previous quarter and second-quarter 2022. Pre-salt volumes accounted for about 80% of the total output, as the company bets heavily on offshore production.
Post-salt output, however, stood at 346,000 BBL/d, about 9.7% below first-quarter 2023 volumes, due to shutdowns, maintenance and the natural decline of fields, as well as the company's divestment from the Albacora-Leste Oil Field. Yet, the 25,000 BBL/d produced by the new Anna Nery floating production storage and offloading (FPSO) facility at the Marlim field, which started production in May, has helped to offset some of the losses.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production project and plant databases can learn more about Anna Nery's ongoing activity in a detailed project report and plant profile.
Meanwhile, natural gas production remained flat at 501,000 barrels of oil equivalent per day (BOE/d).
Pre-salt production represented 78% of the total hydrocarbon volumes in second-quarter 2023, compared to 73% during the same period last year.
Petrobras plans to boost production significantly in the mid-term. For the rest of 2023, Petrobras expects to startup three new FPSOs at the Marlim and Mero fields. Additionally, it projects to increase output capacity at the Buzios Field from 750,000 BBL/d in 2023 to 2 million BBL/d by 2027, by installing six new FPSOs. Subscribers can find lists of detailed project reports related to the Marlim, Mero and Buzios fields.
Moreover, during second-quarter 2023, Petrobras signed production-sharing contracts at the Norte de Brava, Agua Marinha and Sodoeste de Sagitario fields, which are part of the first open acreage bid round. In the Tupi and Iracema fields, the company has concluded seismic acquisition with nodes in ultra-deepwater to access better images for identifying resources.
On the downstream front, the refinery utilization factor stood at 93%, the best performance since third-quarter 2015. Oil product volumes averaged 1.8 million BBL/d, 2% more than during second-quarter 2022. Out of the total volumes of refined products, Petrobras produced 721,000 BBL/d of diesel, followed by 399,000 BBL/d of gasoline, and 240,000 BBL/d of fuel oil.
The strong volumes were achieved despite scheduled turnarounds at the Presidente Bernardes, Alberto Pasqualini, Duque de Caxias and Paulinia refineries. Petrobras also registered its lowest quarterly greenhouse gas emissions intensity in its refining business since the start of its monitoring, according to the company's presentation.
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) platform 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).
Petrobras' oil production stood at 2.1 million barrels per day (BBL/d) for the second quarter, on par with the previous quarter and second-quarter 2022. Pre-salt volumes accounted for about 80% of the total output, as the company bets heavily on offshore production.
Post-salt output, however, stood at 346,000 BBL/d, about 9.7% below first-quarter 2023 volumes, due to shutdowns, maintenance and the natural decline of fields, as well as the company's divestment from the Albacora-Leste Oil Field. Yet, the 25,000 BBL/d produced by the new Anna Nery floating production storage and offloading (FPSO) facility at the Marlim field, which started production in May, has helped to offset some of the losses.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production project and plant databases can learn more about Anna Nery's ongoing activity in a detailed project report and plant profile.
Meanwhile, natural gas production remained flat at 501,000 barrels of oil equivalent per day (BOE/d).
Pre-salt production represented 78% of the total hydrocarbon volumes in second-quarter 2023, compared to 73% during the same period last year.
Petrobras plans to boost production significantly in the mid-term. For the rest of 2023, Petrobras expects to startup three new FPSOs at the Marlim and Mero fields. Additionally, it projects to increase output capacity at the Buzios Field from 750,000 BBL/d in 2023 to 2 million BBL/d by 2027, by installing six new FPSOs. Subscribers can find lists of detailed project reports related to the Marlim, Mero and Buzios fields.
Moreover, during second-quarter 2023, Petrobras signed production-sharing contracts at the Norte de Brava, Agua Marinha and Sodoeste de Sagitario fields, which are part of the first open acreage bid round. In the Tupi and Iracema fields, the company has concluded seismic acquisition with nodes in ultra-deepwater to access better images for identifying resources.
On the downstream front, the refinery utilization factor stood at 93%, the best performance since third-quarter 2015. Oil product volumes averaged 1.8 million BBL/d, 2% more than during second-quarter 2022. Out of the total volumes of refined products, Petrobras produced 721,000 BBL/d of diesel, followed by 399,000 BBL/d of gasoline, and 240,000 BBL/d of fuel oil.
The strong volumes were achieved despite scheduled turnarounds at the Presidente Bernardes, Alberto Pasqualini, Duque de Caxias and Paulinia refineries. Petrobras also registered its lowest quarterly greenhouse gas emissions intensity in its refining business since the start of its monitoring, according to the company's presentation.
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) platform 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).
