Petrobras output climbs in Q1
Brazilian state energy firm Petrobras said April 27 that its combined production of oil, natural gas liquids and natural gas during the first quarter this year was 3.1% higher quarter-on-quarter, but 5% lower year-on-year.
Production averaged 2.77mn barrels of oil equivalent/day in the three-month period. Petrobras blamed the yr/yr fall on divestments and natural decline. It estimates that 11% of its upstream portfolio has reached peak production and entered the decline phase.
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From its pre-salt basins offshore, the company said production was 7% higher than during Q4 2020, in part due to the start of operations at the Atapu field.
Sales in Q1 2021 were lower than Q4 2020, but some 2.3% higher than in Q1 2020, due in part to an increase in diesel sales.
Production of liquid petroleum gas was 2.7% lower than in Q4 2020 because of a scheduled refinery shutdown. Natural gas sales and production were stable.
Petrobras on April 15 issued a call for a second bidding process for leasing its Bahia LNG regasification terminal and associated infrastructure. Petrobras attracted no interest during its last try in February.
The first quarter also saw a rush to the exit doors by front-office staff following the late February government firing of CEO Roberto Castello Branco. He was replaced by 71-year-old general Joaquim Silva e Luna, a former defence minister with no experience in the oil industry.
Without providing figures, the company said it reduced headcounts, blaming the staff reduction on the impact from the Covid-19 pandemic. “Despite the continuity of the contingency scenario, we have been able to operate safely and efficiently and to maintain a good performance,” the company said.