Petrobras Produces 2.7 Million Barrels of Oil Equivalent per Day in Q3 2024

Petrobras concluded the third quarter of 2024 (Q3 2024) with a total production of 2.689 million barrels of oil equivalent per day (boed), consistent with the previous quarter. Among the operational highlights was reaching peak production at the FPSO Sepetiba in the Mero field, facilitated by the startup of three new producing wells, alongside the addition of new wells in the Búzios and Tupi fields. This information is detailed in Petrobras' Production and Sales Report for Q3 2024, released on Monday (October 28, 2024).

The share of pre-salt oil in the crude processed at refineries hit 73%, marking a record level for a quarter (an increase of 4 percentage points from Q2 2024). This demonstrates enhanced logistical and operational flexibility in utilizing these streams more efficiently. Additionally, in August, the processed load of pre-salt oils reached 76%, a new monthly record. The increase in the pre-salt share enhances the production of higher value-added derivatives and reduces greenhouse gas emissions.

Production and sales of derivatives in the domestic market rose by 4.2% in Q3 2024 compared to the previous quarter, driven by seasonal demand growth. In September 2024, Petrobras achieved its best monthly result of the year for the overall utilization factor (FUT) of its refining operations, reaching 97%. This reflects the high operational efficiency of the refining park and strong integration with the company's logistics and marketing areas. Total derivative production was 1.818 million barrels per day (Mbpd), prioritizing high-value products, with diesel, gasoline, and jet fuel accounting for 68% of total production, despite maintenance shutdowns at Replan, Reduc, Revap, and RPBC during the quarter. The company is committed to enhancing energy efficiency in its refining operations through the RefTOP Program (World-Class Refining). Projects and initiatives under this program helped achieve an Energy Intensity score of 101.0 for the quarter, the best in history and 2.1 points lower than in Q2 2024.

These results stem from investments in modernizing refining units, ensuring asset reliability, optimizing processes, and applying innovative technologies.

Gasoline production in Q3 2024 reached 438,000 barrels per day, setting a new quarterly record.   Additionally, in Q3 2024, Petrobras achieved three consecutive months of increased sales of renewable diesel (Diesel R), reaching 3.7 Mbpd in September, double the previous record from April 2024. Moreover, focusing on competitiveness and decarbonization, we established a partnership with Vale for testing and studies on the supply of low-carbon products, including the use of Diesel R in the mining company's vehicles, marking Petrobras's first direct sale of this type of diesel.

Asphalt sales totaled 816,700 tons in Q3 2024, the best quarterly result since 2014. Petrobras sold 6.0% more diesel during the period, driven by seasonal consumption increases in the third quarter due to the planting of the summer grain harvest and heightened industrial activity. Gasoline sales in Q3 2024 grew by 1.0% compared to Q2 2024, primarily due to the increased competitiveness of gasoline against hydrated ethanol in flex-fuel vehicle fueling. A 3.8% rise in jet fuel sales in Q3 2024 compared to the previous quarter was attributed to seasonal demand increases during the holiday period and more substantial economic activity. LPG sales volume increased by 3.2% due to heightened activity in the manufacturing sector during the third quarter and lower average temperatures in major consumer centers.

Other Operational Highlights

Significant recent milestones announced by Petrobras complement these operational results. The FPSO Maria Quitéria began operations on October 15. This platform, installed in the Jubarte field in the pre-salt Campos Basin, is equipped with technologies aimed at reducing emissions, including a combined cycle for power generation that enhances operational efficiency while achieving a reduction of approximately 24% in operational greenhouse gas emissions. Its production capacity is 100,000 barrels per day of oil and 5 million cubic meters per day (MMm³/d) of natural gas.

The FPSO Marechal Duque de Caxias is on-site and in the final operation preparation phase. With a production capacity of up to 180 Mbpd of oil and 12 MMm³/d of natural gas, this FPSO will be the third definitive production system in the Mero field in the pre-salt Santos Basin. The Duque de Caxias will pioneer the use of HISEP® technology, patented by Petrobras, starting in 2028. This technology will enable the separation of oil and gas on the ocean floor. In conjunction with other technologies, such as CCUS (Carbon Capture, Utilization, and Storage), it will facilitate the reduction of CO2 emissions.

Another significant milestone was the arrival of the FPSO Almirante Tamandaré from China in Brazil. This platform will be the first high-capacity unit installed in the Búzios field, potentially producing up to 225 Mbpd and processing 12 MMm³/d of natural gas.
 
Finally, the Natural Gas Processing Unit (UPGN) of Rota 3, located in the Boaventura Energy Complex (Itaboraí - RJ), began the commissioning process for its first module in September. The unit is now gasified, and the first commercial gas is expected to be produced in the coming days. With the startup of the second module planned for later this year, the total processing capacity will reach 21 MM m³/d.