Petrobras: Production and sales highlights in 1Q24

By Petrobras

April 29, 2024

This is a machine translation of the press release originally published in Portuguese

In 1Q24, average production of oil, NGL and natural gas reached 2,776 MMboed, 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 ramp-up 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 Campos Basins (11) and Santos (8).

It is worth mentioning that, in comparison with 4Q23, production was lower by 5.4%, mainly due to the greater volume of losses due to stoppages and maintenance, within the provisions of the Strategic Plan 2024-28 (PE 2024-28), and to the natural decline of mature fields. These effects were partially offset by the greater 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).

On 07/03, we began the flow of gas through 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 02/24, 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 has the capacity to 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 with five platforms: P-74, P-75, P-76, P-77 and Almirante Barroso. The horizon of Petrobras' PE 2024-28 foresees the installation of six more units in the field by 2027.

In the Refining, Transport and Marketing segment, total production of derivatives in 1Q24 was 1,753 mbpd, 6.1% above production in 1Q23. The share of diesel, gasoline and QAV in relation to total production was 67% in 1Q24, in line with the same period in the previous year.

The total utilization factor (FUT) of the refining park remains high, reaching 92% in 1Q24, 7 pp above 1Q23 and 2 pp below 4Q23, even with important scheduled stoppages at REPAR and REPLAN.

In 1Q24, pre-salt oils represented 67% of the cargo processed in Refining, 2 pp above 4Q23, contributing to a more sustainable refining activity and high yield of diesel, gasoline and QAV.

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 reaching 36.3 kgCO2e/CWT in Greenhouse Gas Emission Intensity in 1Q24, 1.4 kgCO2e/CWT less compared to 1Q23, and 104.8 in Energy Intensity, 1.7 points below 1Q23, following our focus on achieving the commitments made 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 the month of March onwards, we expanded the offer of more sustainable products in the national market, starting in São Paulo the sale of diesel with renewable content (R5) at RPBC, which, like REPAR, is already able to regularly sell the fuel capable of reduce greenhouse gas emissions. Additionally, we established a partnership 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 the more sustainable asphalt market.

In line with the strategy of expanding access to markets in the interior of the country, we began selling diesel and gasoline in Rio Verde (GO), the second new sales hub in the Center-West, a region whose demand for fuel has increased mainly due to the agribusiness. The first new hub was Rondonópolis (MT), opened at the beginning of last year.

We carried out a scheduled shutdown of the Mexilhão Platform (Route 1) for preventive maintenance, aiming to continue production, flow and supply of natural gas operations safely. During this period of restriction on national gas supply, the Company 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 noting that this intervention was carried out in parallel with the scheduled maintenance of the Caraguatatuba Gas Treatment Unit (UTGCA), in order to minimize the effects of restricting gas delivery.

We regained possession of the Bahia LNG Regasification Terminal (TRBA), on 01/01/2024, without operational discontinuity, after the end of the leasing period to third parties at the same time that we put into operation the LNG regasification vessel (FSRU ) Excelerate Sequoia at TRBA.

We acquired international certification I-REC (Renewable Energy Certificate) that neutralizes Petrobras' scope 2 emissions in 2023, ensuring that all electrical energy acquired by Petrobras for the development of its activities was generated by renewable sources.