Petrobras Posts Slight Drop In First-Quarter Oil and Gas Output
In Brazil, oil production reached 2.21 million barrels per day (bpd), down 1% from the previous year. A significant milestone was the start of operations at the Almirante Tamandare floating production storage and offloading (FPSO) vessel in February at the Buzios field. “The start of operations of the FPSO Almirante Tamandare is strategic for Petrobras and represents a sustainable expansion of production,” said Renata Baruzzi, head of engineering, technology, and innovation at Petrobras.
The company’s production remained within its annual guidance, which allows a 4% variation from the 2.8 million boed target. Total sales of oil, gas, and derivatives amounted to 2.86 million boed, a 1.9% decline from the first quarter of the prior year.
Exports totaled approximately 760,000 bpd, a 10.4% decrease year-on-year. However, the share of oil exports to Asia, excluding China, grew from 10% to 33%. During the quarter, Petrobras finalized an agreement with India’s Bharat Petroleum Corporation to supply up to 6 million barrels of oil annually starting in 2025. “The agreement strengthens commercial relations between Petrobras and the Indian refining sector, highlighting the importance of India as a market for Brazilian oil,” Petrobras noted in its filing.
Petrobras will release its full first-quarter financial results on May 12.
