The evolution of production from five FPSOs and the entry of 19 new wells contributed to the result
Petrobras' average production of oil, NGL, and natural gas in the 1st quarter of 2024 (1Q24) reached 2,776 million barrels of oil equivalent per day (boed), an increase of 3.7% compared to production in the same period of the previous year (1Q23). Among the main factors for this variation, we can highlight the evolution of production (ramp-ups) of the FPSOs Almirante Barroso, P-71, Anna Nery, Anita Garibaldi, and Sepetiba, in addition to the entry into production of 19 new wells from complementary projects in the Basins of Campos (11) and Santos (8).
In comparison with 4Q23, production was lower by 5.4%, mainly due to the greater volume of losses due to shutdowns and maintenance within the provisions of the Strategic Plan 2024-28 (PE 2024-28) and the natural decline of mature fields. These effects were partially offset by the more significant contribution of FPSOs Almirante Barroso (Búzios field) and P-71 (Itapu field) after reaching peak production during 4Q23, and by the ramp-up of FPSOs Sepetiba (Mero field) and Anita Garibaldi (Marlim, Voador and Espadim fields).
Petrobras began, on March 7, the flow of gas through the P-68, located in the Berbigão and Sururu fields, contributing to increasing the reliability of gas delivery through the integrated network of the Santos Basin. On February 24, the FPSO Marechal Duque de Caxias left the shipyard in Yantai, China, heading to the Mero field in the pre-salt of the Santos Basin. The platform, which will be the field's third definitive production system, is scheduled to come into operation in the second half of this year and can produce up to 180 Mbpd of oil and 12 MMm³/d of natural gas. In March 2024, the shared Búzios deposit reached the mark of 1 billion barrels of oil produced. Currently, the field operates on five platforms: P-74, P-75, P-76, P-77, and Almirante Barroso. On the horizon of Petrobras' PE 2024-28, it is foreseen the installation of six more units in the field by 2027.
In the Refining, Transport, and Marketing segment, the total production of derivatives in 1Q24 was 1,753 mbpd, 6.1% above output in 1Q23. The share of diesel, gasoline, and QAV concerning total production was 67% in 1Q24, which is in line with the same period in the previous year. The total utilization factor (TUF) of the refining park remains high, reaching 92% in 1Q24, 7 percentage points (p.p.) above 1Q23 and 2 p.p. below 4Q23, even with critical scheduled shutdowns at Repar and Replan, in addition to lower demand in 1Q compared to 4Q due to seasonality.
In 1Q24, pre-salt oils represented 67% of the cargo processed in Refining, 2 percentage points above 4Q23, contributing to a more sustainable refining activity and high diesel, gasoline, and QAV yield. In the theme of Energy Efficiency and Operational Excellence in Refining, the RefTOP Program, from PE 2024-28, covers all refineries in the park. The Program's optimization projects and initiatives contributed to Petrobras reaching 36.3 kgCO2e/CWT in Greenhouse Gas Emission Intensity in 1Q24, 1.4 kgCO2e/CWT less about 1Q23, and 104.8 in Intensity Energy, 1.7 points below 1Q23, following the focus on achieving the commitments assumed by the company for 2030. These results indicate a reduction in greenhouse gas emissions in the quarter equivalent to more than 2,200 urban buses circulating 5 days a week, 300 km/day.
From March onwards, Petrobras expanded the offer of more sustainable products on the national market, starting in São Paulo with the sale of diesel with renewable content (R5) at the Presidente Bernardes Refinery (RPBC), which, like Repar, is already able to regularly sell fuel capable of reducing greenhouse gas emissions. Additionally, the company partnered with the second largest asphalt distributor in the country to sell CAP Pro W, a product launched at the end of last year, stimulating the development of a more sustainable asphalt market. In line with the strategy of expanding access to markets in the interior of the country, the company began selling diesel and gasoline in Rio Verde (State of Goiás), the second new sales hub in the Central-West region of the country, whose demand for fuels has increased mainly in the function of agribusiness. The first new hub was Rondonópolis (State of Mato Grosso), which opened at the beginning of last year.
The company carried out a scheduled shutdown of the Mexilhão Platform (Route 1) for preventive maintenance, aiming to safely continue production, flow and supply of natural gas operations. During this period of restriction on national gas supply, Petrobras acted through its portfolio of offers made up of national and imported sources (Bolivian gas and LNG) to fulfill the commitments signed. It is worth emphasizing that this intervention was carried out in parallel with the scheduled maintenance of the Caraguatatuba Gas Treatment Unit (UTGCA) to minimize the effects of restricting gas delivery.
Possession of the Bahia LNG Regasification Terminal (TRBA) was resumed by Petrobras on January 1, 2024, without operational discontinuity, after the end of the lease period to third parties at the same time the company put into operation the LNG regasifier vessel (FSRU) Excelerate Sequoia in the TRBA.
The company also acquired the international certification I-REC (Renewable Energy Certificate), which neutralizes Petrobras' scope 2 emissions in 2023, ensuring that renewable sources generated all electrical energy acquired by Petrobras to develop its activities.
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Source: Petrobras
