Petroleo Brasileiro SA Petrobras (Petrobras) reported its operational performance for the first quarter of 2024 (1Q24) on April 29, 2024. The company saw an average production increase of 3.7% in oil, NGL, and natural gas compared to the same period last year, reaching 2,776 MMboed. This growth was attributed to the ramp-up of several FPSOs and the start-up of 19 new wells in the Campos and Santos basins. However, production was 5.4% lower than the previous quarter (4Q23), mainly due to maintenance stoppages and the natural decline of mature fields. The Búzios field reached a production milestone of 1 billion barrels of oil, with plans to deploy six more units by 2027. In refining, total production of oil products increased by 6.1% from 1Q23, with a high utilization factor of...Show More

Petroleo Brasileiro SA Petrobras (Petrobras) reported its operational performance for the first quarter of 2024 (1Q24) on April 29, 2024. The company saw an average production increase of 3.7% in oil, NGL, and natural gas compared to the same period last year, reaching 2,776 MMboed. This growth was attributed to the ramp-up of several FPSOs and the start-up of 19 new wells in the Campos and Santos basins. However, production was 5.4% lower than the previous quarter (4Q23), mainly due to maintenance stoppages and the natural decline of mature fields. The Búzios field reached a production milestone of 1 billion barrels of oil, with plans to deploy six more units by 2027. In refining, total production of oil products increased by 6.1% from 1Q23, with a high utilization factor of 92%. The company also highlighted its efforts in reducing greenhouse gas emissions and expanding its offerings of sustainable products, including the sale of diesel with renewable content and a partnership to sell a more sustainable asphalt product. Additionally, Petrobras resumed ownership of the Bahia LNG Regasification Terminal and acquired international I-REC certification to neutralize its scope 2 emissions for 2023. The company's sales volume in the domestic market decreased by 4.9% from the previous quarter, with a notable reduction in diesel and gasoline sales. Exports fell by 4.2%, while imports of oil and oil products increased, particularly diesel to replenish inventories. Petrobras emphasized its strategic adjustments in response to the Middle East conflict, optimizing oil exports to China, Europe, and the USA.