Petrobras posts slight drop in first-quarter oil and gas output

Reuters

Tue, Apr 29, 2025, 4:05 PM 2 min read

RIO DE JANEIRO/SAO PAULO (Reuters) -Brazilian state-run lipid steadfast Petrobras reported connected Tuesday oil, state and state liquids accumulation of 2.77 cardinal barrels of lipid equivalent per time (boed) successful the archetypal quarter, down 0.2% from a twelvemonth earlier.

Petrobras' lipid accumulation successful Brazil fell by 1% year-on-year, to 2.21 cardinal barrels per time (bpd), said the firm, adding that the Almirante Tamandare floating accumulation vas (FPSO) started producing successful February astatine the country's Buzios field.

"The commencement of operations of the FPSO Almirante Tamandare is strategical for Petrobras and represents a sustainable enlargement of production," said Renata Baruzzi, caput of engineering, exertion and innovation successful Petrobras' income and output report.

The firm's results were successful enactment with its guidance for the year, that allows for a 4% saltation connected its 2.8 cardinal boed accumulation target.

Total income of oil, state and derivatives reached 2.86 cardinal boed, said the firm, a 1.9% driblet successful examination with the archetypal 4th of 2024.

Total exports fell by 10.4% connected a year-on-year basis, to astir 760,000 bpd, said the firm.

While exports successful wide declined, the steadfast saw the stock that it sends to Asia, excluding China, turn from 10% to 33% of lipid exports. In the archetypal 4th the steadfast inked a woody with India's Bharat Petroleum Corporation to export up to 6 cardinal barrels of lipid per year, starting successful 2025.

"The statement strengthens commercialized relations betwixt Petrobras and the Indian refining sector, highlighting the value of India arsenic a marketplace for Brazilian oil," said Petrobras successful the filing.

Petrobras is acceptable to merchandise afloat first-quarter net connected May 12.

(Reporting by Fabio Teixeira successful Rio de Janeiro and Andre Romani successful Sao Paulo; Editing by Kylie Madry, Natalia Siniawski and Sonali Paul)