Petrobras Maintains Production Growth in the 3rd Quarter

Source: www.gulfoilandgas.com 10/20/2021, Location: South America

Petrobras' average oil, natural gas liquid (LGN) and natural gas production reached 2.83 million barrels of oil equivalent per day (boed) in the third quarter of 2021, an increase of 1.2% over the quarter previous. The result confirms the good operational performance of the company in a scenario of restrictions due to the Covid-19 pandemic.

The increase in production this quarter is mainly due to the start-up in August of the FPSO Carioca (Sepia field) and the higher average production in the quarter of the FPSO P-70 (Atapu field), which reached maximum capacity in the early July, confirming the good performance of the wells and the platform.

Both Sépia and Atapu are located in the Santos Basin pre-salt, which has been consolidating itself as an exceptional area with large reserves, low risk and competitive costs. Petrobras' pre-salt production totaled 2.01 million boed in the third quarter, representing 71% of Petrobras' total production.

Sales of oil products in this quarter reached 1.9 million barrels per day (bpd), 10.7% higher than in the previous quarter, with an increase in the sale of all products, highlighting the growth of gasoline, of the diesel and QAV. Production of oil products at refineries also rose 11% in the same period due to greater demand in the domestic market and greater availability of refining units with the conclusion of scheduled maintenance stoppages concentrated in the previous quarter. When comparing the second and third quarters, the refinery load factor increased from 75% to 85%.

The share of pre-salt oil used in Petrobras refineries continues to grow and, in September, reached a new record of 1.1 million bpd, with a 65% share of processed cargo. On average for the quarter, pre-salt oil represented 63% of the total load. The adaptation of refining to make the processing of pre-salt oil increasingly viable is directly associated with the increase in flexibility and the guarantee of reliability and availability of the refining park. This action is in line with Petrobras' economic and sustainability guidelines, as pre-salt oil has a high yield of medium derivatives with greater added value and a low sulfur content.

In relation to natural gas, Petrobras continues to make every effort to maximize the supply of this input and actively contribute to facing the water crisis that affects the country. In the third quarter, electricity generation was 4,162 average MW, an increase of 26.2% over the previous quarter.

Natural gas sales volume in this quarter reached 89 million m³/day, an increase of 7 million m³/day compared to the second quarter, due to higher thermoelectric dispatch. The volume of regasified LNG also grew and reached an average of 30 million m³/day, an increase of 66.7% compared to the previous quarter. This greater volume of LNG delivered to the market was made possible with the expansion of the regasification capacity of the Guanabara Bay terminal (RJ). These results show the effort made by Petrobras to maximize the supply of gas and guarantee the reliability of supply to its customers.


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