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Balance Sheet

In the 3rd quarter, Petrobras improves production with emphasis on the pre-salt, which had an increase of 32% in the year

10/22/2020 | 18h05
In the 3rd quarter, Petrobras improves production with emphasis on the pre-salt, which had an increase of 32% in the year
Petrobras Agency Petrobras Agency

Petrobras' operational performance in 3Q20 was very good, considering the challenging scenario imposed by the COVID-19 pandemic. Our oil and gas production in Brazil grew by 9.0% in the first nine months of this year compared to last year. The production of the pre-salt fields increased by 32%, while in the other areas, post-salt, shallow waters and onshore, there was a contraction.

 

We estimate that the average production in 2020 will reach 2.84 MMboed, of which 2.28 MMbpd of oil, with a variation of 1.5% upwards or downwards, exceeding the upper limit (2.5%) of the targets originally announced for the year (2.7 MMboed and 2.2 MMboed).

 

Higher than expected production growth did not result in excessive inventories, which would be possible given the significant reduction in global oil demand. On the contrary, we have been working with lower inventories than in the pre-COVID period thanks to the greater integration between production, refining, logistics and marketing.

 

Protecting the health of our employees has been the company's number one priority. Home office, reduction of personnel on board and in industrial plants, continuous cleaning, medical assistance with access to telemedicine and adoption of a massive testing strategy with selection, testing, tracking and quarantining have been our main actions. To date, we have applied more than 270,000 tests, and companies providing services to Petrobras around 110,000, which has allowed us to reduce COVID's transmission rate by identifying many cases of asymptomatic patients.

 

The contingency scenario for COVID-19 continues to limit the number of personnel aboard our offshore production facilities, leading us to postpone part of the scheduled shutdowns in 4Q20 to the beginning of 2021. However, we were able to carry out maintenance activities, which contributed to increase operational efficiency, operate safely and maintain optimum performance. Another highlight was the success achieved in the inspection campaign for pipelines susceptible to corrosion under tension by CO2 carried out with new technologies and tools, the results of which enabled the operational continuity of gas injection pipelines, reducing production expenses and losses.

 

The average production of oil, NGL and natural gas in 3Q20 reached 2.95 MMboed, 5.4% above 2Q20. Contributed to this result the growth in production in the Atapu field, with the start-up of the FPSO P-70 and first oil at the end of June, alongside the greater operational efficiency of P-74, P-75, P-76 and P-77, in the Buzios field. The performance of these platforms was supported by the temporary expansion of the oil and gas processing capacity of the units, using spare capacity in power generation and gas compression available until the beginning of gas exports, and by the high production potential of the wells and the reservoir. This enabled the achievement of monthly production records in Búzios, of 615 kbpd of oil and 765 kboed in July and the highest monthly production achieved by a well in Brazil, with the mark of 69.6 kboed from the BUZ-10 well registered in September. In that month, we also had 2 Búzios wells that exceeded the 65 thousand boed mark (BUZ-12 and BUZ-24, respectively with 67.4 and 65.8 kboed). In August, we started the gas flow from P-74.



Font: Petrobras Agency
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