Petrobras Q1 Oil Production Up 4.4%

© Ranimiro / Adobe Stock
© Ranimiro / Adobe Stock

Brazilian state-run oil company Petrobras said on Monday that its crude oil production during the first quarter rose 4.4% compared to the same period last year.

Petrobras pumped 2.24 million barrels per day (bpd) in the period, the firm said in a statement, crediting the increase in production to the ramp-up of five platforms and the start of production in 19 wells in the Campos and Santos basins.

The firm produced 2.78 million barrels of oil equivalent per day (boepd) from January to March, a 3.7% increase over the same period of 2023.

Of its total production, about 67% came from the firm's pre-salt fields, an oil-rich offshore region off the country's southeastern Atlantic coast. There, production increased by 9.1%, helping counter a decrease in output from other fields.

Sales of oil, gas and derivatives amounted to 2.92 million boepd, a 4.6% decrease year-on-year. The decline was due in part to an increase of biofuel in the mixture of fuel sold in the country.

Exports fell by 4.4%, with 848,000 bpd of oil and derivatives exported in the first three months of this year.

Petrobras is expected to post its full financial results for the first quarter on May 13.

(Reuters - Reporting by Fabio Teixeira; Editing by Steven Grattan and Jamie Freed)

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