Petrobras 2Q:23 Results [PDF Downloads]

Immediate Frontier

(Petrobras, 26.Jul.2023) — In 2Q23, average production of oil, NGL and natural gas reached 2.64 MMboed, 1.5% lower compared to 1Q23, mainly due to higher volume of losses from stoppages and maintenance, the natural decline of mature fields and divestments. Those effects were partially offset by the ramp-up of P-71, in Itapu field, and the startup of FPSOs Almirante Barroso, in Búzios field, in pre-salt Santos Basin and Anna Nery, in Marlim field, in addition to new wells of complementary projects, in Campos Basin.

Pre-salt production set a new quarterly record of 2.06 MMboed, equivalent to 78% of Petrobras total production, surpassing the previous record of 2.05 MMboed in 1Q23. Total production operated by Petrobras reached 3.69 MMboed in the same period, 1.4% below 1Q23.

On May 7, we had the first oil from FPSO Anna Nery, in Marlim Field, in Campos Basin, the first unit of the Marlim and Voador revitalization project to come online. The facility has the capacity to produce up to 70 Mbpd of oil and process 4 MMm3 of natural gas per day. The second unit of the project, FPSO Anita Garibaldi, is on location, has already completed mooring activities and is expected to start up in 3Q23.

“The implementation of FPSOs Anna Nery and Anita Garibaldi provides operational continuity for the Marlim and Voador fields, with the expectation of a 20% increase in production and a 60% reduction in greenhouse gas emissions, compared to 2018, when 9 units were in operation in Marlim, in addition to opening an important horizon of learning and knowledge for other revitalization projects”, commented Carlos Travassos, Director of Engineering, Technology and Innovation.

On July 7, we had the first auction for a sustainable decommissioning of a platform. P-32, one of the units being replaced by the two new units in Marlim and Voador fields, will have green recycling in Brazil focusing on value creation and fostering the circular economy, sustainability, safety and respect for people and the environment, in line with the best ESG practices in the global industry.

On May 31, we had the startup of FPSO Almirante Barroso, the fifth unit to come online in Búzios field, with capacity to produce up to 150 Mbpd of oil and 6 MMm³ of gas daily.

“Búzios is the largest deepwater field in the world. The platforms installed in the field delivered average operated oil and NGL production of 635 Mbpd in June. We also have 6 more units already procured and undergoing implementation, bringing the number of platforms in operation in the field to 11 by 2027”, commented Joelson Mendes, Exploration and Production Officer.

The utilization factor (FUT) of Petrobras refining facilities reached 93% in 2Q23, and in June it reached 95%, the highest figure since 2015. This outstanding performance was achieved even with scheduled maintenance stoppages at RPBC, REFAP, REDUC and REPLAN, respecting safety, environmental and health requirements. Diesel, gasoline and jet fuel production represented 67% of total production in 2Q23, maintaining the high level of 1Q23.

The processing of pre-salt crude achieved the quarterly record of 67% of throughput. In June, the level went up to 72%, a new monthly record, 5 p.p. above the previous one. The processing of pre-salt crude favors increasing yields of higher value oil products and emissions reductions.

In 1H23, S10 diesel sales had a 62% share in Petrobras total diesel sales, a new semester record. S10 diesel production registered a record in 2Q23 of 419 mbpd, with a monthly peak of 442 mbpd in June. These results stem from continuous operational improvements, processes optimization and production control, aiming to meet the growing demand for oil products.

Pursuing the decarbonization of our activities, we started in June our second test of marine fuel with 24% renewable content. The estimated percentage reduction in greenhouse gas (GHG) emissions was around 17% in volume, compared to the 100% mineral bunker. In addition, we signed the first hybrid support vessel contract, in which batteries will be installed on board, with the expectation of reducing GHG emissions and fuel consumption.

As a result of the RefTOP Program (World Class Refining), the reduction of the energy intensity of the refineries continues to improve, with a result of 105.0 in the first half of 2023, 2.7 points below the same period in 2022, representing a reduction in natural gas consumption of 490 thousand m³/day, which is equivalent to approximately twice the consumption of the state of Paraíba. In addition, we achieved the best monthly result of energy intensity in Refining in June, at 102.4 points. The result for 2Q23 was 103.7 points.

As a result of energy efficiency and emission control initiatives at our refineries, in June we recorded the best GHG emission intensity (IGEE) mark since 2019, the year the metric was first measured, reaching a result of 36.7 kg CO2 per equivalent refining load. In this period, there was a reduction in GHG emissions equivalent to more than 93,000 urban buses running 5 days a week, 200 km per day.

Asphalt sales reached a record 1H23 of 1,148 thousand tons, the highest sales volume in a first half since 2014, representing an increase of 17% over 1H22. If we consider only the current refining facilities, this increase is 27%. We also achieved a record in June of 127.3 thousand tons in the export of Green Petroleum Coke, whose main destination is China.

In May, we approved the new Natural Gas commercial portfolio, with diversified terms, indexation and delivery locations, with the aim of ensuring our competitiveness in the public bids in progress by the state distributors and in the commercialization in the open market. As a result, as of June, we signed new contracts with SCGAS, COPERGAS and COMGAS, reinforcing the commercial partnership between the companies, ensuring the security and reliability of Petrobras supply under competitive commercial conditions that are in line with the reality of the natural gas industry.

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