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(Mario Tama / Getty Images)
SAO PAULO – The production of Petrobras (PETR3; PETR4) in the first quarter of 2020 was 2,909 million barrels of oil equivalent per day (boed), 14.6% more than 2,538 million boed in the same period last year. . Compared to the fourth quarter of 2019, there was a decrease of 3.8%.
The quarterly decrease mainly reflected the divestment of 50% of the Tartaruga Verde field and the sale of the shareholding of the state company in Petrobras Oil & Gas B.V., completely ending its operational activities in Africa. The impact of divestments on production in the quarter was approximately 84 million barrels per day.
According to the company, the negative effects of the global recession caused by the public health crisis with the coronavirus did not substantially affect the performance of production and sales in the period between January and March of this year.
In the first three months of the year, Petrobras’ commercial production was 2.606 million boed, with an oil production of 2.32 billion barrels per day. It is a 13.3% increase in commercial production and a 17.7% increase in oil production compared to the same period in 2019.
The performance, according to the company, is due “to the acceleration of the platforms that went into production in 2018 and 2019 (P-74, P-75, P-76 and P-77 in the Búzios field, P-67 and P -69 in the Lula field and P-68 in the Berbigão and Sururu fields) ”.
Petrobras also highlighted that the P-77 platform, in the Búzios field, reached the production capacity of 150 million barrels per day in January 2020 in just 10.4 months.
However, during the fourth quarter of 2019, the company’s commercial production fell 4.5%, while oil production fell 3.1%.
Pre-salt
Production in the pre-salt fields remained at the same level as in the previous quarter because, according to Petrobras, the entry of new wells offset the greater number of maintenance stops in the Lula and Búzios fields.
Compared to the first quarter of 2019, there was an increase of 48.9%, reflecting “the significant increase in the seven systems that went into production in 2018 and 2019 and the company’s strategy to focus its activities on assets of world class. in deep and ultra deep waters. “
Post-salt oil production in deep and ultra deep waters was 8.8% lower than the previous quarter,
mainly due to the conclusion of the sale of 50% of the Tartaruga Verde field. Compared to the same period last year, there was a reduction of 15.1%.
Derivatives
Diesel and gasoline production was lower compared to the first and fourth quarters of 2019, due to lower sales in the domestic market, with an emphasis on the period from the end of March, reflecting the containment and isolation actions social due to pandemic. Covid-19.
Diesel production volume fell 2.1% in the annual comparison and decreased 2.5% in the quarterly comparison. Diesel sales volume to the domestic market fell 12.6% and 12.5%, respectively, on the same basis of comparison.
Meanwhile, the volume of gasoline production fell 7.9% in the annual comparison and decreased 5.3% in the quarterly comparison. Gasoline sales volume to the domestic market fell 14.3% and 13.8%, in that order.
Aviation kerosene production in the first quarter of 2020 was 8% higher compared to the previous quarter, with sales volume falling 7.4% compared to the same period.
In relation to the first quarter of 2019, production was 4.4% lower, also after lower sales (-11.1%). The drop in sales occurred abruptly since the end of the quarter, with the significant reduction in the air transport market associated with the effects of the coronavirus, according to Petrobras.
Drop in global demand
“Oil has been and will be essential for the functioning of the modern economy for a long time. We are firmly committed to promoting the resilience of Petrobras to the global scenario that is extremely hostile to the oil industry, “said the president of the state company, Roberto Castello Branco, in a note.
“Despite enormous challenges, we are confident that with the dedication and talent of our employees, we will achieve this goal. The lessons learned in this crisis will contribute to transforming us into a stronger company that generates more value ”, he added.
To cope with the dramatic contraction in world oil demand, estimated at 25-30 million barrels per day in the second quarter of 2020, Petrobras reduced oil production in April to 2.07 million bpd and the factor of use of refineries from 79% to 60%, while strengthening the logistical capacity to export crude oil, diesel and fuel oil.
“Such measures have contributed to the generation of cash and the decrease in inventories, allowing the maintenance of a reasonable authorization in the storage capacity, consequently avoiding the adoption of costly measures such as the freight of ships to store liquids,” said the company.
“The environment of uncertainties is reflected in a very fluid dynamics in the markets, which forces us to continuously monitor it to optimize the management of productive capacity.”
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