Petrobras Cements Position with Another Positive Quarterly Report

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Researched by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Brazilian oil and gas giant Petrobras (NYSE:PBR) (Rio de Janeiro, Brazil) reported robust financial and operational results for the third quarter of 2023, with solid profits and energy output. Petrobras reported a net profit of $5.5 billion for the quarter, a slight drop from the second quarter.

The dip in profits was a result of lower oil prices and higher operational costs. Nevertheless, Petrobras reported robust energy production with strong output, new upstream assets, new exploration campaigns and improved decarbonization.

On the upstream front, the company registered a total hydrocarbon production of 2.84 million barrels of oil equivalent per day (BOE/d), about 9% higher than the same period last year and the second quarter of this year.

Overall, oil output was 2.3 million barrels per day (BBL/d), 10.3% higher than third-quarter 2022 and 9.6% higher than second-quarter 2023. The stronger oil production is the result of increased pre-salt output, which represented 80% of the total volumes, thanks in part to the ramp-up of floating production storage and offloading (FPSO) facilities at the Marlim and Buzios fields.

During the third quarter, the FPSO Anita Garibaldi in the Marlim Field produced its first oil, while the FPSO Almirante Barroso in the Buzios Field reached 150,000 BBL/d in record time. Meanwhile, the Anna Nery FPSO, also at the Marlim Field, which started production in May, has reached a 33,000-BBL/d output.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can click here for a list of Petrobras projects in the Marlim Field and click here for a list of projects in the Buzios Field.

Petrobras has launched a major production campaign to add 18 new FPSOs between 2023 and 2027 to boost output, including some of the previously mentioned facilities.

Meanwhile, natural gas registered a 4.8% production increase when compared with the second quarter, to close the third quarter at 525,000 BOE/d.

The positive production results have not stopped the company from seeking new resources and developing assets. During the third quarter, Petrobras obtained environmental licenses to drill two wells in the Potiguar Basin in the equatorial margin cluster blocks. It also declared the discoveries of the Raia Manta and Raia Pintada fields in the Campos Basin to be commercially viable.

On the downstream front, the company reached robust results with refining utilization rates of 96% and a refined products output of 1.82 BBL/d, slightly higher than the last quarter and the same period last year.

Subscribers to Industrial Info's GMI Petroleum Refining Project and Plant databases can click here for a full list of detailed reports for refining projects from Petrobras, and click here for a full list of list of related plant profiles.

Throughout 2023, Petrobras has conducted several maintenance campaigns that have helped boost downstream efficiency, production and emissions intensity from its operations.

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).