Petrobras Q3 Oil and Gas Output Rises 11.7% to Record 3.512 Million Boe/d on Búzios, Mero Ramp-Ups

Petrobras reported record third-quarter oil and gas production, averaging 3.512 million barrels of oil equivalent per day, up 11.7% from a year earlier and 5.3% from the prior quarter. The Brazilian state-controlled producer attributed the gain to ramp-ups at the P-78 and P-79 FPSOs in Búzios and the Alexandre de Gusmão FPSO in Mero, all in the Santos Basin. Operational efficiency reached its highest level since the fourth quarter of 2018. Company pre-salt output hit a record 2.96 million boe/d, while total operated production, including partner volumes, rose to a record 5.08 million boe/d. Twelve new producing wells came online, split between the Campos and Santos basins. Downstream, domestic refined product sales reached 1.854 million boe/d, up 6.4% quarter over quarter and the highest since the third quarter of 2021, with refineries running at 99% utilization. Crude and refined product exports hit a record 1.251 million barrels per day.