Brazilian state-run oil company Petrobras reported a 4.4% increase in its crude oil production during the first quarter of 2023 compared to the same period last year. The company pumped 2.24 million barrels per day (bpd) in the January-March period, crediting the increase to the ramp-up of five platforms and the start of production in 19 wells in the Campos and Santos basins.
Petrobras’ total oil and gas production reached 2.78 million barrels of oil equivalent per day (boepd), a 3.7% increase over the same period in 2022. The company’s pre-salt fields, an oil-rich offshore region off Brazil’s southeastern Atlantic coast, accounted for around 67% of the total production, with a 9.1% increase in output helping to offset a decrease in production from other fields.
However, total exports fell by 4.4% year-on-year, with 848,000 bpd of oil and derivatives exported in the period. Oil exports specifically declined by 11.3%. Petrobras attributed the increase in oil exports in the quarter, compared to the previous quarter, to changes in the market caused by the conflict in the Middle East, which led to instability in maritime freight transport and a shift in the company’s export flows, with more oil being exported to China and other Asian countries.
Sales of oil, gas, and derivatives amounted to 2.92 million boepd, a 4.6% decrease year-on-year, partly due to an increase in the use of biofuels in the fuel mix sold in the country.
Petrobras is expected to release its full financial results for the first quarter of 2023 on May 13.