Petrobras Boosts 2023 Oil and Gas Production for 3.7%

Monday, January 29, 2024

Brazil's state-run oil company Petrobras has reached total oil and natural gas production of 2.78 MMboed in 2023, which is an increase of 3.7% from the production recorded a year before.

Commercial production of oil and natural gas was 2.44 MMboed and oil production 2.24 MMbpd. These results exceeded the company’s Strategic Plan 23-27 guidances and were in line with the production forecast revised in November 2023, within the range of ± 2.0%.

As a highlight of 2023, the company achieved an annual record of total own production of oil and natural gas in the pre-salt, with 2.17 MMboed, surpassing the previous record of 1.97 MM boed in 2022 and representing 78% of its total production.

Petrobras also achieved a record total operated oil and natural gas production of 3.87 MMboed, surpassing the previous record of 3.64 MMboed in 2022.

In 2023, four new platforms came on stream, contributing to the company’s favorable operating results.

In May, FPSO Anna Nery, the first unit in the Marlim and Voador Revitalization Project, and FPSO Almirante Barroso, the fifth unit in the Búzios field, came on stream.

Additionally, Petrobras started the operationof the FPSO Anita Garibaldi, the second unit of the Marlim and Voador Revitalization Project, in August, the FPSO Sepetiba, the second definitive production system of Mero field in December 2023.

Throughout 2023, the maximum oil production capacities of the P-71 platforms in the Itapu field, the FPSO Guanabara in the Mero field and the FPSO Almirante Barroso in the Búzios field were reached.

The latter took place in October 2023, less than five months after the first oil, a record in the pre-salt.

Petrobras also disclosed its proved reserves of oil, condensate, and natural gas, according to SEC (US Securities and Exchange Commission) regulation, which have been estimated at 10.9 billion barrels of oil equivalent (boe), as of December 31, 2023.

Oil and condensate, and natural gas correspond to 84% and 16% of this total, respectively.

In 2023, Petrobras maintained its trajectory of reserves addition (1.5 billion boe). The organic reserve replacement index (IRRorg), that is, disregarding sales effects, reached 168% of this year's production, turning the last three-year period IRRorg the highest in the company's history, amounting to 207%.

This reserves addition occurred mainly due to the good performance of Petrobras’ assets, with emphasis on the Búzios, Tupi and Atapu fields, in Santos Basin, and the declaration of commerciality of Raia Manta and Raia Pintada fields (non-operated), in Campos Basin

“Considering the expected production for the coming years, it is essential to continue investing in maximizing the recovery factor and mainly in exploration of new frontiers, to replace oil and gas reserves,” Petrobras said.

Categories: Energy Industry News Activity Production South America Oil and Gas

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