Petrobras’ annual oil & gas production reaches new heights

Brazilian state-owned oil and gas giant Petrobras has achieved new oil and gas production milestones in 2023, exceeding its strategic 2023-27 guidance. However, the hydrocarbon production volume was in line with the Brazilian player’s revised production forecast, within the range of ± 2%.

Petrobras unveiled its new strategic plan for the 2024-2028 period in mid-November 2023, outlining that oil and natural gas would be given the biggest slice of the $102 billion investment pie. The company sees oil and gas as drivers of growth, which will propel and fund the energy transition to greener sources of supply.

The Brazilian player reached total oil and natural gas production of 2.78 MMboed in 2023, 3.7% higher than the production recorded in 2022. Petrobras’ commercial production of oil and natural gas was 2.44 MMboed and oil production was 2.24 MMbpd last year.

One of the company’s 2023 highlights was marked by an annual record of total own production of oil and natural gas in the pre-salt, with 2.17 MMboed, surpassing the previous record of 1.97 MM boed in 2022. This represents 78% of the firm’s total production.

In addition, the Brazilian giant achieved a record total operated oil and natural gas production of 3.87 MMboed, surpassing the previous record of 3.64 MMboed in 2022. Four new platforms came on stream last year, contributing to the firm’s operating results.

May saw the start of production from two new FPSOs: the FPSO Anna Nery, the first unit on the Marlim and Voador revitalization project, and the FPSO Almirante Barroso, the fifth unit at the Búzios field.

Additionally, Petrobras put into operation the FPSO Anita Garibaldi in August 2023, the second unit of the Marlim and Voador revitalization project, and the FPSO Sepetiba in December 2023, the second definitive production system of the Mero field.

Furthermore, the company explains that the maximum oil production capacities of the P-71 platforms at the Itapu field, the FPSO Guanabara on the Mero field, and the FPSO Almirante Barroso at the Búzios field were reached throughout 2023.

The last of these FPSOs reached its full production capacity in October 2023, less than five months after the first oil, which Petrobras deems to be a record in the pre-salt region. With this at the forefront, the company claims that these results reinforce its commitment to investors and Brazilian society.

Moreover, Petrobras’ production curve considers the entry of 14 new FPSOs in the 2024-2028 period, ten of which have already been contracted. Thanks to this plan, the firm aims to produce 3.2 million barrels of oil and gas equivalent per day over the next five years.

The hydrocarbon exploration and production steps Petrobras is taking are in line with the Brazilian Ministry of Mines and Energy (MME)’s program – unveiled in March 2023 – to boost investments in oil and natural gas exploration in a bid to promote regional development and foster national production while turning Brazil into the fourth largest oil producer in the world.

In line with its net zero goals, the state-owned giant plans to dish out $11.5 billion on projects that will enable a reduction in its carbon footprint, spotlighting the role of biorefining, wind, solar, carbon capture, utilization, and storage (CCUS), and hydrogen in this decarbonization quest.