Petrobras has reported a 3.7% increase in its average production of oil, natural gas liquids and natural gas in Q1 2024, compared with the same period in 2023.  

The Brazilian state-run oil company’s production reached 2.77mboe/d in Q1. 

Petrobras attributed the production growth to the ramp-up of the floating production storage and offloading units Almirante Barroso, P-71, Anna Nery, Anita Garibaldi and Sepetiba, alongside the commencement of 19 new wells in the Campos and Santos basins.  

Notably, the pre-salt fields, which are a significant offshore oil region, contributed approximately 67% to the total production, marking a 9.1% increase and helping to offset declines in other areas. 

In the refining, transportation and marketing segment, Petrobras registered a 6.1% increase in the production of oil products in Q1 2024, reaching 1.75mboe/d.  

The production of diesel, gasoline and jet fuel remained consistent, making up 67% of the total production, similar to the previous year. 

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Despite the overall production increase, Petrobras experienced a 4.4% year-on-year decrease in total exports, with 848,000 barrels per day of oil and derivatives exported.   

Oil exports fell by 11.3%. However, compared with the previous quarter, oil exports saw a 2.5% rise, which the company attributed to market changes due to conflicts in the Middle East. 

In a statement, Petrobras said: “The conflict in the Middle East has caused to instability in maritime freight rates and, as a result, a change in the flow of our oil exports. Markets that are naturally served by larger ships became more attractive.  

“We were able to exploit this arbitrage by increasing the volume of oil exported to Asian markets, especially China, and we optimized shipments on large vessels to markets such as Europe and the United States.” 

Sales of oil, gas and derivatives totalled 2.91mboe/d, marking a 4.6% decline from the previous year. This drop was partly due to the increased use of biofuel in the country’s fuel mix. 

Separately, Petrobras signed a protocol of intent with the Brazilian Chemical Industry Association (ABIQUIM) in the gas and energy sector.  

This agreement, signed last week and valid for one year with an option to extend, aims to identify new business opportunities in natural gas and energy for both Petrobras and ABIQUIM’s members. 

ABIQUIM, a non-profit association founded 60 years ago, represents a wide range of chemical industries and service providers within the sector.