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In the second quarter of 2024 Petrobras achieved an average production of 2.7 million barrels of oil equivalent per day, marking a 2.4% increase compared to the same period last year.

This growth was driven by the ramp-up several FPSOs, such as the Almirante Barroso, Anita Garibaldi, and Sepetiba, alongside the initiation of 12 new wells, with eight in the Campos Basin and four in the Santos Basin.

However, when compared to the first quarter of this year, production fell by 2.8%, primarily due to maintenance stoppages and the natural decline of mature fields.

Sales of oil products in Brazil rose by 3.2% this quarter, bolstered by increased economic activity and lower temperatures which spiked diesel and LPG sales. Notably, S-10 diesel sales reached a new quarterly high, accounting for 64% of Petrobras' total diesel oil sales.

For the first time, the production and sales report included data on Petrobras' atmospheric emissions. In the first half of 2024, greenhouse gas emissions from the company's oil and gas operations were 21.4 million tonnes, comparable to the 20.7 million tonnes emitted in the first half of 2023.

Petrobras' refineries continued to operate at high capacity, with a total utilisation factor of 91% in 2Q24, despite scheduled maintenance at several facilities. Pre-salt oil's contribution to refinery loads hit a record 69%, enhancing the production of higher-value derivatives and lowering emissions.

Although total derivative production dropped slightly by 0.5% from the previous quarter, there was an uptick in gasoline and diesel output, which made up 69% of the total refined products in 2Q24.

In the natural gas sector, Petrobras signed and amended contracts to supply approximately 940,000 cubic metres per day to free consumers. Additionally, contracts with six distributors were updated, introducing a performance bonus mechanism with price reductions based on higher consumption, aiming to boost Petrobras' competitiveness.

Natural gas sales fell by around 3 million cubic metres per day compared to 1Q24, attributed to increased market participation by other agents and a 2 million cubic metres per day reduction in imports from Bolivia, aligning with contractual flexibilities.

Another significant development was the arrival of the FPSO Marechal Duque de Caxias in Brazil, now moored in the Mero field of the Santos Basin. This platform is set to start operations in the second half of 2024. Meanwhile, the FPSO Maria Quitéria is expected to commence operations in the Jubarte field in the Campos Basin by the end of the year. This unit features advanced decarbonisation technologies, including a combined cycle for energy generation and a Flare Gas Recovery Unit (FGRU).

Additionally, the FPSO Almirante Tamandaré departed from the CMHI shipyard in China, destined for the Búzios field. This high-capacity unit will be the first of its kind in the field, capable of producing up to 225,000 barrels of oil per day and processing 12 million cubic meters of gas per day. The platform also includes CO2 removal and injection technology and a closed flare system to minimise greenhouse gas emissions.

In March 2024, Petrobras reached a milestone with the cumulative production of 1 billion barrels of oil in Búzios.

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