MercoPress. South Atlantic News Agency

Petrobras increases yoy output in 2Q of 2024

A milestone for Petrobras milestones in this quarter was the arrival of the Marechal Duque de Caxias FPSO vessel platform

Brazil's State-run company Petrobras posted this week a 2.4% interannual increase in oil and natural gas output in the second quarter of 2024, with 2.7 million barrels of oil equivalent per day (boed) thanks to improving performances at five sea platforms and 12 wells, eight of them in the Campos Basin and four in the Santos one. However, compared to this year's first quarter of this year, average production fell 2.8% due to maintenance shutdowns and the natural decline of mature fields.

 Domestic sales of oil byproducts went up 3.2% in the second trimester, driven by diesel and LPG transactions. S-10 diesel sales accounted for 64% of the total diesel sales, scoring a new quarterly record.

In the first half of 2024, greenhouse gases from Petrobras' oil and gas activities totaled 21.4 million tons. In the same period of 2023, it was 20.7 million tons.

A milestone for Petrobras in this quarter was the arrival of the Marechal Duque de Caxias FPSO vessel platform (floating production, storage, and offloading unit) and her anchoring in the Mero field, in the Santos pre-salt basin, with operations scheduled to begin in the second half of this year. According to Pré-Sal Petróleo SA (PPSA), 28 new FPSOs will be installed between 2021 and 2030.

Also during the second quarter of 2024, Magda Chambriard was appointed as Petrobras' new CEO following the departure of Juan Paul Prates at the request of President Luiz Inácio Lula da Silva, who was not pleased with his administration.

Upon taking office, Chambriard insisted natural should be considered a “transition fuel” as the company strengthens its renewable energy fronts with 11% of investments allocated to low-carbon projects. “We're going to take advantage of our expertise and focus on the green fuels of the future. We will also advance in wind, solar, and hydrogen energy,” she explained.

She also mentioned that oil would supply the funding for transitioning into more environmentally friendly fuels.