Daily Newsletter

22 March 2024

Daily Newsletter

22 March 2024

Petrobras ramps up LNG imports amid maintenance 

The move is to ensure a steady supply as it undertakes maintenance on the Rota 1 offshore gas pipeline.  

Shivam Mishra March 21 2024

Brazil’s state-owned oil giant, Petrobras, will increase its LNG imports to ensure a steady supply as it undertakes maintenance on the Rota 1 offshore gas pipeline, reported Bloomberg.  

The company will utilise regasification terminals in Bahia state and Guanabara Bay in Rio de Janeiro to their full capacity, allowing for imports of up to 50 million cubic metres per day. 

In addition to boosting LNG imports, Petrobras is maximising domestic gas supply, reducing fuel usage at its refineries and increasing gas imports from Bolivia.  

The company has also scheduled maintenance at thermal power plants to coincide with the pipeline outage, although the completion date for the work on the Rota 1 pipeline and Mexilhao platform remains unspecified. 

Citing Wood Mackenzie's senior research manager for gas and power in South America, Javier Toro, the news agency reported that maintenance on the Mexilhao platform began on 3 March and is expected to last approximately 20 days. 

Toro also mentioned that Brazil's hydroelectric reservoirs are currently at satisfactory levels, suggesting that significant LNG imports for power generation will likely be necessary only during the dry season, from August to October. 

In a separate development, Petrobras' head of exploration and production Joelson Mendes discussed with Reuters the potential of a promising gas field off Colombia's coast.  

The field could lead to a major project supplying gas domestically and for export.  

As Brazil's presalt oil production approaches a plateau, Petrobras is exploring new regions including Colombia's Tayrona block, where it plans to drill two wells this year with Ecopetrol, following a discovery in 2022.  

Mendes stated that future analysis would determine the project's specifics. 

Last month, reports emerged that Petrobras is in talks with national oil companies from China, India and the Middle East to explore collaboration on oil, gas and other energy projects. 

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