Petrobras is closing out 2025 on a high note, preparing to launch yet another floating production unit at the massive Búzios oil field after setting multiple output records and raising shareholder payouts.
The company has confirmed that the P-78 FPSO will begin producing in December, adding up to 180,000 barrels per day of new capacity at what is now the world’s largest producing oil field. The vessel arrived off Rio de Janeiro in late September and marks Petrobras’ latest step in an aggressive pre-salt expansion drive that continues to deliver early and under budget.
In the third quarter, Petrobras reported net income of $6 billion, up 27% from Q2, thanks to surging production that offset a $10-per-barrel drop in Brent prices. The company’s board approved $2.27 billion in interim dividends, higher than both analyst forecasts and last quarter’s $1.6 billion payout.
Output at Búzios alone surpassed 1 million barrels per day in October, with Petrobras’ total production averaging 3.14 million barrels of oil equivalent per day in Q3—an 8% jump from the previous quarter. FPSO Almirante Tamandaré, which reached its full 225,000 bpd capacity three months ahead of schedule in August, and Marechal Duque de Caxias at the Mero field, were the main contributors.
“The rock and cavity structures at Búzios allow the field to produce more than we expected,” said Exploration and Production Director Sylvia Anjos, crediting the field’s unique geology and high-quality light crude.
Petrobras dedicated 85% of its Q3 capex to upstream projects and remains the fastest-growing non-OPEC producer outside the U.S. Despite lower prices, CFO Fernando Melgarejo said the company continues delivering projects “ahead of schedule and within budget,” while remaining ready to delay select investments if the market softens.
By Julianne Geiger for Oilprice.com
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