Petrobras said it surpassed production milestones in 2023

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Brazilian state-owned oil and gas company Petrobras said it has exceeded its strategic 2023-27 guidance, achieving new oil and gas production milestones in 2023. 

Petrobras said it achieved a total oil and natural gas production of 2.78 million barrels of oil equivalent per day (boe/d), marking a notable 3.7% increase compared to 2022. The company said its commercial production of oil and natural gas reached 2.44 million boe/d, with oil production specifically reaching 2.24 million b/d during the same period.

Petrobras unveiled its strategic plan for the 2024-2028 period in November last, emphasizing a significant allocation of US$102 billion investment towards oil and natural gas projects. With a firm commitment to sustainable growth, Petrobras outlined that it views oil and gas as “pivotal drivers” that will not only fuel expansion but also facilitate the transition to cleaner energy sources.

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A significant highlight of Petrobras’ performance in 2023 was its “record-breaking” production in the pre-salt region, with total production of oil and natural gas reaching 2.17 million boe/d, surpassing the previous year’s record. The pre-salt accounted for 78% of the company’s total output last year. 

Looking ahead, Petrobras said it remains committed to its growth trajectory, aiming to introduce 14 new platforms by 2028, with ten already under contract. That plan is aligned with Brazil’s Ministry of Mines and Energy’s announced initiative to boost investments in oil and natural gas exploration.

Petrobras said it is also dedicated to advancing its net-zero goals by allocating US$11.5 billion towards projects focused on reducing its carbon footprint.

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