Petrobras production drops 6.6% in the 3rd quarter; sale of derivatives also declines

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Petrobras showed a drop in oil and gas production between July and September, as well as a decline in its fuel sales in the period in the annual comparison, according to a quarterly report published this Monday (24)

The oil company’s total oil and gas production totaled 2.644 million barrels of oil equivalent per day (boed) in the third quarter, down 6.6% from a year earlier and down 0.3% from the previous quarter, compared to stops for maintenance and entry of partners in important assets.

The company’s oil production in Brazil reached 2.115 million barrels per day (bpd) in the period, down 6.8% in the same comparison and stable compared to the second quarter.

The company highlighted that there was an impact from a reduction in Petrobras’ participation in the transfer of rights contracts in the Atapu and Sépia fields, in the pre-salt of the Santos Basin, of 43,000 boed compared to the second quarter.

In addition, there was a stop for platform decommissioning at Parque das Baleias. In this case, Petrobras stated that it “will recover its production with the transfer of wells to the P-58 platform and a new platform, the FPSO Maria Quitéria, scheduled to start operating in 2024”.

The decline in production was also influenced by the natural decline of the fields and other maintenance stops.

“We have 58 production platforms currently operating, which periodically have their production interrupted for maintenance,” said the oil company.

“In the third quarter, we had an estimated loss from maintenance stoppages and interventions of 170,000 boed, compared to losses of 251,000 boed in the second quarter.”

With these effects, the company reported that production in the pre-salt fields reached 1.609 million bpd, post-salt production 434 thousand bpd and onshore and shallow water 71 thousand bpd, all in line with the second quarter.

DERIVATIVES

Petrobras’ production of oil products totaled 1.750 million barrels/day in the third quarter, down 9.4% compared to the same period last year and 1.2% compared to the second quarter of 2022, amid scheduled stoppages, with greater impact on diesel, aviation kerosene (QAV) and naphtha.

Petrobras’ sales of oil products in the domestic market totaled 1.798 million barrels/day in the third quarter, down 7.6% year-on-year, mainly due to the divestment of the Rlam refinery, in Bahia, the second largest in the country. .

In comparison with the second quarter, the company presented a 4.7% increase in sales of oil products in the domestic market, with an increase in the sale of all products, mainly diesel and gasoline.

“The increase in the diesel market was due to the seasonality of consumption. The increase in the gasoline market was due to the fall in the average price to consumers in the comparison between the periods”, said the company.

Petrobras’ diesel sales in the domestic market totaled 784,000 barrels per day in the third quarter, down 9.6% year-on-year, but up 4.6% in the quarter.

The company’s quarterly gasoline sales on the domestic market reached 405,000 barrels per day, down 8.2% year-on-year and up 8% from the second quarter.

Petrobras’ refinery utilization factor rose to 88% in the third quarter versus 85% in the same period last year, one percentage point lower than in the second quarter.

EXPORT/IMPORT

The state-owned oil exports totaled 363,000 barrels a day in the 3rd quarter, down 39.9% year-on-year and 31.6% over the second quarter. Foreign sales of fuel oil and other derivatives also had sharp declines compared to 2021.

Lower oil and fuel oil export volumes are explained by exports that were in progress for the fourth quarter.

“There was an increase of around 100 Mbpd of exports in progress between 2Q22 and 3Q22.”

Oil imports rose 18.5% year-on-year, while gasoline and diesel imports dropped 38.1% and 2.3% year-on-year. In relation to the second quarter, there was an increase in imports of these derivatives.

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