Increased sales of derivatives in Brazil and high refinery utilization factor are also highlights in the Production and Sales Report for the second quarter of 2024
Petrobras ended the second quarter of 2024 (2Q24) with an average production of 2.7 million barrels of oil equivalent per day (boed), an increase of 2.4% compared to the same period of the previous year (2Q23). The increase was driven by the increase in production ( ramp-up ) of the FPSOs Almirante Barroso, P-71, Anna Nery, Anita Garibaldi and Sepetiba, in addition to the entry into production of 12 new wells from complementary projects, eight in the Campos Basin and four in the Santos Basin.
Compared to the first quarter of this year (1Q24), production was 2.8% lower, mainly due to the higher volume of losses due to maintenance shutdowns, as predicted in the 2024-28+ PE, and the natural decline of mature fields.
Sales of petroleum derivatives in the domestic market increased by 3.2% in the quarter, with a focus on the sale of diesel and LPG, reflecting increased economic activity and lower average temperatures, respectively. Sales of S-10 diesel in this quarter represented 64% of Petrobras' total diesel sales, setting a new quarterly record.
Starting this quarter, the production and sales report will also include data on Petrobras' atmospheric emissions. In the first half of 2024, operational greenhouse gas emissions from the company's oil and gas activities were 21.4 million tons, a level similar to 1H23, when they reached 20.7 million tons.
Refinery utilization factor remains high
The total utilization factor (FUT) of the refining park remained high at 91% in 2Q24, even considering the scheduled shutdowns carried out at the REPLAN, REDUC, RECAP, REVAP and REGAP refineries.
The share of pre-salt oil in refinery loads reached a record quarterly rate of 69%, favoring the production of higher value-added derivatives and the reduction of emissions.
Total production of derivatives fell slightly by 0.5% compared to the previous quarter. At the same time, there was an increase in the production of gasoline and diesel, products with higher added value. In 2Q24, the production of jet fuel, gasoline and diesel represented 69% of the total refined product.
New portfolio of natural gas products
In 2Q24, natural gas supply contracts with a volume of approximately 940,000 m³/d were signed and amended in the free consumer modality. Amendments were also signed to the supply contracts with six distributors to include the performance bonus mechanism with price reductions based on higher consumption by customers, a mechanism created to make Petrobras more competitive against its competitors.
Natural gas sales fell by approximately 3 million m³/day compared to 1Q24, due to the increased participation of other agents, resulting from the market opening process. On the supply side, there was a reduction of 2 million m³/day in natural gas imports from Bolivia by Petrobras, in line with the contractual flexibilities negotiated.
New platforms will start operating in 2024
A significant milestone in this last quarter was the arrival of the FPSO Marechal Duque de Caxias in Brazil and the completion of its anchoring in the Mero field, in the pre-salt layer of the Santos Basin. The platform, which will be the third definitive production system in the field, is scheduled to enter into operation in the second half of this year.
The FPSO Maria Quitéria has already been brought forward to the last quarter of 2024. The platform left the Chinese shipyard in May and is currently sailing to Brazil. The unit will operate in the Jubarte field, located in the pre-salt of the Campos Basin, off the coast of Espírito Santo, and has technologies for decarbonization, such as the combined cycle in power generation and Flare Gas Recovery Unit - FGRU ( closed flare ).
