Brazil’s Petrobras reported a profit for the second quarter of the year, booking a net positive result of some $1.6 billion after posting a loss of $480 million for the first quarter of the year. The positive result came despite weaker average oil prices, the company noted.
The company reported an average production rate of 2.91 million barrels of oil equivalent for the three-month period, noting it was 5% higher than the average for the first quarter of the year. Petrobras said it had started production from 14 new wells during the reporting period, half of them in the Campos Basin and half in the Santos Basin.
For the first quarter of the year, Petrobras reported a production rate of 2.77 million barrels of oil equivalent daily, with the crude oil portion at 2.21 million barrels daily, which was 1% lower than the daily average for the last quarter of 2024. In the second quarter of the year, the portion of crude oil in the total was 2.32 million barrels daily.
“We had excellent operational performance in the second quarter, driven by the implementation of new production systems and improved efficiency in the fields in operation,” the chief financial officer of Petrobras, Fernando Melgarejo, said.
Earlier this year, the Brazilian state oil company reported a new discovery at the Buzios field that could boost production from that field to 2 million barrels daily by 2030. Currently, the field produces around 800,000 barrels daily. Boosting production from existing fields is a priority for Petrobras.
The Brazilian state oil company also revised its proven oil and gas reserves this year, raising the total by 500 million barrels to 11.4 billion barrels. As much as 85% of this total was in the form of crude oil and condensates, with the remainder natural gas.
By Charles Kennedy for Oilprice.com
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