Petrobras Reports Increase in Second-Quarter Hydrocarbon Production

---

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Petrobras (NYSE:PBR) (Rio de Janeiro, Brazil) has reported crude oil, natural gas liquids and natural gas output of 2.699 million barrels of oil equivalent per day (BOE/d) in the second quarter, about 2.4% higher year over year.

Some of the main reasons behind the boost were the ramp-up of the floating production, storage and offloading (FPSO) vessels Almirante Barroso, P-71, Anna Nery, Anita Garibaldi and Sepetiba, as well as the startup of eight wells in the Campos Basin and another four in the Santos Basin.

These volumes, however, were about 2.8% lower than in the first quarter of 2024 due to maintenance stoppages as part of the company's 2024-2028 strategic plan and the natural decline of oilfields.

Petrobras has ambitious plans to deploy 14 new FPSOs between 2024 and 2028 to significantly boost production in the next few years. In May, FPSO Maria Quiteria, with a capacity of 100,000 barrels of oil per day (BBL/d), left China on its way to Brazil. The platform is expected to begin production next year and will be deployed at the Jubarte field in the Campos Basin.

In July, the 225,000-BBL/d FPSO Almirante Tamandare also left a shipyard in China for the Buzios field in Brazil, and it is expected to be online next year.

Meanwhile, the downstream utilization factor across Petrobras refineries decreased by 2% year over year to 91% in the second quarter with 1.813 million BBL/d processed. Pre-salt crude represented 69% of the refineries' feedstock, setting a new quarterly record. Overall, Brazilian feedstock accounted for 91% of the products run through its refineries, on par with first-quarter 2024 and second-quarter 2023.

The utilization factor remained at 91% in the second quarter despite significant scheduled stoppages at the Paulinha (REPLAN), Duque de Caxias (REDUC), Capuava (RECAP), Henrique Lage (REVAP) and Gabriel Passos (REGAP) refineries.

Industrial Info is tracking 275 capital Petrobras project reports, worth US$88.2 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) project database can click here for a list of detailed project reports.

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).