Increased oil and gas production driven by FPSO performance boost, Petrobras reports
(WO) – Petrobras ended Q2 2024 with an average production of 2.7 MMboed, an increase of 2.4% compared to the same period of the previous year. 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, 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.
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.
New platforms will start operating in 2024. A significant milestone in the 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 start operating 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 ).
New portfolio of natural gas products. In Q2 2024, natural gas supply contracts with a volume of approximately 940,000 cmd 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 MMcmd 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 MMcmd in natural gas imports from Bolivia by Petrobras, in line with the contractual flexibilities negotiated.
