Petrobras reports slight decline in oil and gas production for the first quarter
Petrobras, the state-owned oil company in Brazil, reported Tuesday that it produced 2.77 million barrels equivalents of oil per day (boed), down 0.2% compared to a year ago.
Petrobras said that its oil production in Brazil dropped by 1% on an annual basis, reaching 2.21 million barrels of oil per day (bpd). The firm also added that the Almirante Tamandare FPSO began producing at Brazil's Buzios Field in February.
The start-up of operations for the FPSO Almirante Tamandare represents a sustainable increase in production, said Renata B. Baruzzi, Head of Engineering, Technology and Innovation, in Petrobras’ sales and output report.
The results of the firm were in line with their guidance for the year. This allows for a 4 % variation from its target production of 2.8 million boed.
The firm reported that total sales of oil and gas derivatives, including derivatives, reached 2,86 million boed. This is a drop of 1.9% compared to the first quarter 2024.
The firm reported that total exports dropped 10.4% year-on-year to 760,000 bpd.
While oil exports declined in general, the company saw its share to Asia (excluding China) grow from 10% up to 33%. The firm signed a deal in the first quarter with India's Bharat Petroleum Corporation for up to 6,000,000 barrels of crude oil per year starting in 2025.
The filing by Petrobras stated that the agreement "strengthens commercial relations between Petrobras, and the Indian refinery sector" highlighting India's importance as a market to Brazilian oil.
Petrobras will release its full first quarter earnings on May 12, 2019. Reporting by Fabio Téixeira, Rio de Janeiro; and Andre Romani, Sao Paulo. Editing by Kyry Madry and Natalia Siniawski.
(source: Reuters)
