Total oil production rises 8% to 2.8 million in 3Q23 – Money Times

These effects were partially offset by the natural decline of mature deposits and disinvestment, he explains. (Image: Petrobras agency)

A Petrobras (PETER4) produced 2.8 million barrels of oil equivalent per day (boeed) of oil and gas in the third quarter of 2023, up 8.8% year-on-year.

In a document sent to the market this Thursday (26), the company classified the numbers as good, with average oil, LGN and natural gas production reaching 2,877 Mboed, up 9.1% from the second quarter.

Among the points that helped the oil company produce more:

  • improvement of operational characteristics of offshore platforms;
  • the smallest volume of losses due to stops and maintenance;
  • ramp-up (increased production rate) of platforms P-71 in the Itapu field, FPSO Almirante Barroso in the Búzios field and FPSO Anna Nery in the Marlim field.
  • the commencement of FPSO (Floating Storage and Transfer, in Portuguese) production by Anita Garibaldi in the Marlim and Voador fields, and the addition of new wells from additional projects in the Campos and Santos basins;

These effects were partially offset by the natural decline of mature deposits and disinvestment, he explains.

Production in v pre-salt hit a new quarterly record of 2.25 MMboed, equivalent to 78% of Petrobras’ total production, surpassing the previous record of 2.06 MMboed in the second quarter.

Total production, managed by Petrobras, also reached a record of 3.98 million bpd. over the same period, up 7.8% from the second quarter.

Onshore and shallow production was 34 Mbar/d, down 14 Mbar/d from the prior quarter, due to higher outage and maintenance losses

Petrobras refining, diesel and gasoline

Derivatives sales rose 5.7% in the quarter, with a focus on dieselwhich rose 11.1% over the period due to seasonality in consumption, higher in the third quarter due to the planting of spring cereals and stronger industrial activity.

Sales FROG (aviation kerosene) and GLP also showed growth compared to the second quarter, with increases of 7.1% and 1.4%, respectively, due to the seasonality of consumption.

“Regarding sales Gasolinethere was a drop of 4.1% compared to the previous quarter, mainly due to the loss of participation of the hydrogenated ethanol derivative in the supply of flexible vehicles,” he states.

However, the company points out that in the first nine months, gasoline sales were the highest in six years during this period, even with the abandonment of some refineries.

“This is because there has been an increase in the share of gasoline over hydrogenated ethanol in the supply of flexible vehicles and an increase in the Otto cycle market for most of 2023. In addition, in the 3rd quarter of 2023, we received the best result for the sale of asphalt since 2014 — 738.6 thousand tons,” he says.

Gasoline output reached 424 million bpd, the highest since 2013, up 6.3%, while third-quarter diesel output was 749 million bpd, the highest since 2015, which represents an increase of 3.9% compared to the second quarter, taking into account the seasonality of diesel fuel.

  • IPCA-15: Gasoline no longer ‘to blame’ for high inflation? Analyst Mateus Spies comments on the preview’s impact on markets; Check it out at Giro do Mercado by clicking here.

Petrobras Gas and Power

In the quarter, the volume of thermal availability at auctions remained relatively stable. Electricity sales fell 18.2% in the quarter, remaining mainly tied to demand for steam.

Natural gas sales fell 4% from the second quarter and reflected the impact of lower demand in the thermoelectric and non-thermoelectric segments due to lower steam demand and greater third-party market participation, respectively, he explained.

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