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Petrobras reported solid operational performance in the third quarter of 2019 (3Q19), delivering significant growth in oil, LNG, and natural gas production, which reached 2,878 Mboed, 9.3% above the second quarter of 2019 (2Q19). Notably, there was a 17.0% increase in pre-salt production, which reached 1,367 Mboed, currently representing 60.4% of oil production in Brazil.
The performance of the pre-salt is due to the ramp-up of the six platforms that came into production in 2018 and 2019 (P-74, P-75, P-76, and P-77 in the Búzios field and P-67 and P-69 in the Lula field), which contributed 441 Mbpd in 3Q19. Adding the contribution from the FPSO Campos dos Goytacazes in Tartaruga Verde, in the post-salt, we totaled 555 Mbpd, representing an increase of about 48% compared to 2Q19, with the startup of nine producing wells. It is also worth mentioning that platforms P-69 and P-76, in the Lula and Búzios fields, reached production capacities of 150 Mbpd with ramp-ups of 10.3 and 7.7 months (record time in the pre-salt), respectively.
In 3Q19, production reached a new monthly record of 3.0 MMboed, as well as a new daily record of 3.1 MMboed, achieved in August. The operated production also reached a monthly record of 3.7 MMboed in the same month. With these results, we maintain the trajectory to meet the annual production target of 2.7 MMboed, with a variation of 2.5% either way.
Post-salt oil production remained stable at 706 Mbpd compared to 2Q19, while oil production in land and shallow waters increased by 4.3% compared to 2Q19, reaching 192 Mbpd.
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Petrobras in the Refining Segment
In the refining segment, following higher demand in the quarter in the Brazilian market, we increased the production of derivatives by 2.9% compared to the previous quarter. This also contributed to a reduction in imports, especially of gasoline and LPG, through greater utilization of the refinery capacity (which grew from 76% to 80%) and conversion units.
Derivatives sales increased by 3.5% compared to the previous quarter, with particular emphasis on the increase in diesel sales, which rose by 5.2%, driven by the planting of the grain crop and industrial activity. LPG sales increased by 3.2% compared to 2Q19, primarily due to lower average temperatures. There was also an increase in exports, following higher oil production, and a reduction in oil imports with greater processing of domestic oil at the refineries.
In the gas and energy segment, notable highlights include thermal power generation, which increased by 124.6% compared to the previous quarter, reflecting hydrological conditions and lower natural gas costs, and an increase of 9 MMm3/day in the gas supply to meet thermal demand.
Access the full result here. Source: Petrobras Communication
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