(Zacks Equity Research, 14.Feb.2022) — Brazilian state-owned oil major Petrobras (PBR) announced that it accomplished its best pre-salt output from its offshore fields last year, averaging 1.95 million barrels of oil equivalent per day (Mboe/d). This represents about 70% of the company’s entire production and is twice as much as the aggregate pre-salt production volume from five years back. To be precise, Petrobras’ total output in 2021 amounted to 2.774 Mboe/d.
Petrobras also registered a record consumption of about 97.2% of the gas it produced last year, which helped reduce emissions and deliver higher carbon efficiency.
Petrobras further informed that it produced 2.704 Mboe/d in the fourth quarter of 2021, which is an increase of approximately 0.8% from 2.682 Mboe/d in the same period last year. PBR’s crude output in the quarter was 2.151 million barrels per day (bpd), up 0.7% from the same period of 2020. The company blamed planned stoppages and production-sharing pacts for the tepid increase.
In more company updates, the floating production storage and offloading (FPSO) Guanabara, which arrived at the Mero field in the pre-salt Santos basin last month, is expected to start operations later this year. Moreover, at the Sépia field, the FPSO Carioca, which came last August, is producing 130,000 bpd and is connected to three new production wells.
Last month, the company brought down its 2022-2026 production outlook to reflect production-sharing settlements concerning the Atapu and Sepia oilfields. Exports of oil and derivatives were 701 barrels of oil equivalent per day, down about 17.7% year over year. In the fourth quarter of 2021, Petrobras sold 463 million bpd of gasoline in Brazil, which is a 20.1% increase in annual terms. Meanwhile, domestic diesel sales were at 790 million bpd, up 16.7% from the previous year.
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