Petrobras achieves record pre-salt production in 2024 and reports the highest refinery utilization factor in 10 years

In 2024, Petrobras achieved all the production targets set out in its 2024-2028+ Strategic Plan, within the ±4% range. Total oil and natural gas production reached 2.7 million barrels of oil equivalent per day (boed).

Commercial production of oil and natural gas in 2024 reached 2.4 million boed and oil production was 2.2 million barrels per day (bpd).

The company also set new annual records for total own production and operated production in pre-salt, with 2.2 million boed and 3.2 million boed, respectively. The production volume in pre-salt represents 81% of the total production in 2024.

We highlight the main events of the year:

- Production start-up of FPSO Maria Quitéria on October 15th: in Jubarte field, in the region known as Parque das Baleias, in the pre-salt region located in the Espírito Santo portion of the Campos Basin. The unit is designed to produce up to 100,000 bpd and process up to 5 million m³ of natural gas daily. FPSO Maria Quitéria had its production start-up anticipated. According to the 2024-28+ Strategic Plan, its original schedule was 2025.

- Production start-up of FPSO Marechal Duque de Caxias, on October 30th: in Mero field, in pre-salt Santos Basin. The unit has the capacity to produce up to 180,000 bpd and compress up to 12 million m³ of natural gas daily.

- FPSO Sepetiba, which operates in Mero field, reached its peak production of 180,000 bpd in August, after 8 months of operations.

- Start of commercial operations at the Natural Gas Processing Unit (UPGN), located at the Boaventura Energy Complex (Itaboraí, RJ). The first module, with processing capacity of 10.5 million m3/day of natural gas, began operations on November 10th, and its second module is scheduled to come on stream in the first quarter of 2025, reaching a total installed natural gas processing capacity of 21 million m3/day with the two modules.

- On December 16th, the FPSO Alexandre de Gusmão departed from the Cosco Qidong shipyard in China, heading to Mero field, in Santos Basin's pre-salt. The platform, which will be the fourth definitive production system for the field, is scheduled to start up in 2025 and has the capacity to produce 180,000 bpd of oil and compress 12 million m³/d of natural gas.

The FPSO Almirante Tamandaré is on location in Búzios field, in pre-salt of Santos Basin, with the mooring and commissioning activities of the first well completed and is scheduled to start up later this quarter. The platform has capacity to produce up to 225,000 bpd of oil and 12 million m³/d of natural gas, making it the largest FPSO in South America in terms of oil and gas production capacity. This is the first of six systems contracted by Petrobras to operate with this capacity, and the next five units, which will be owned by the company, include Búzios 9 (P-80), Búzios 10 (P-82), Búzios 11 (P-83), Atapu 2 (P-84) and Sépia 2 (P-85).

In the Refining, Transportation and Marketing (RTM) segment, total oil product output in 2024 was 1.78 million bpd, slightly higher than in 2023. Of this total, 69% corresponded to high value products (diesel, gasoline and jet fuel).

Main 2024 RTC highlights:

- Total utilization factor (FUT) in 2024 was 93%, which represents the highest utilization of the refining system since 2014, considering the current Petrobras refineries.

- We achieved a record of 70% share of pre-salt oil in the feedstock processed in 2024 (an increase of 4 p.p. compared to 2023), as a result of optimization in the application of these streams to produce higher value oil products and reduce atmospheric emissions.

- We recorded production records for gasoline (420,000 bpd) and S-10 diesel (452,000 bpd) in 2024. REPAR and REDUC refineries reached their best marks in gasoline production and RPBC, REGAP, REFAP, REVAP and REDUC recorded all-time records in S-10 diesel production in 2024 (considering the current facilities).

- During the year, sales of S-10 diesel accounted for 64% of total diesel oil sales, exceeding the record of 62% registered in 2023, and we reported a 5.8% increase in jet fuel sales in 2024.

- We have expanded our supply of sustainable products with lower carbon emissions. These products include Diesel R with renewable content, the CAP PRO asphalt, Bunker with renewable content and Podium Carbon Neutral Gasoline, contributing to our commitment to a just energy transition.

- In 2024, we reached the milestone of 100,000 m3 of Diesel R sales with renewable content (R5) and around 10,000 tons of CO2 emissions avoided. We also posted a 27% increase in sales of Podium Carbon Neutral Gasoline compared to 2023, with 225,000 tons of CO2 neutralized by carbon credits.

- We have been awarded the ISCC EU RED (International Sustainability & Carbon Certification - European Union - Renewable Energy Directive), one of the most prestigious certifications in the market, for the sale of bunker fuel with renewable content at the Rio Grande Terminal (TERIG). VLS (Very Low Sulfur) B24 is the result of blending mineral bunker with 24% biodiesel and has the potential to reduce greenhouse gas emissions by approximately 20%. This certification celebrates Petrobras pioneering spirit, as in July 2024, we became the first company in the country to receive authorization from the National Petroleum, Natural Gas, and Biofuels Agency (ANP) to sell marine fuel with renewable content.

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