Petrobras Q1 2025 Oil and Gas Output Saw Marginal Decline

SEATTLE (Oil Monster): State-controlled oil firm Petrobras reported marginally lower oil and gas production during the first quarter of the year. The company reported oil, gas and gas liquids production of 2.77 million barrels of oil equivalent per day (boed), slightly lower by 0.2% upon comparison with the prior year quarter.

The company’s oil production in Brazil recorded a fall of 1% year-on-year to 2.21 million barrels per day (bpd). The total oil, gas and derivatives sales hit 2.86 million boed, which is marginally lower by 1% from Q1 2024.

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Meanwhile, the total exports fell sharply by over 10% year-on-year to around 760,000 bpd. While the exports in general witnessed a declining trend, the share of exports to Asian region except China grew substantially from 10% to 33% of oil exports. The deal signed between the company and India’s Bharat Petroleum Corporation (BPCL) towards exports of up to 6 million barrels of oil per year has played a major role in the jump in share of exports to the region.

The company announced the production start-up of FPSO Almirante Tamandare in the Buzios field, which has a capacity to produce up to 225,000 barrels of oil per day and to process up to 12 million cubic meters of gas.

Also, it reported improved operational efficiency in the Santos Basin and the ramp-up of FPSO Marechal Duque de Caxias in the Mero field.