For 2020, Petrobras’ domestic output target is maintained at 2.7 million boepd, up by 2.5% from 2019 despite the negative impact of the coronavirus pandemic on the global economy.
The company’s total domestic output in the first half of 2020 was up by 11.9% year-on-year at an average of 2.8 million boepd. In the April-June period, the total domestic production including natural gas dropped by 3.5% on a quarterly basis but rose by 8% year-on-year at 2.757 million boepd.
In the second quarter of this year, domestic liquids production averaged at 2.245 million bpd, down by 3.2% quarter-to-quarter but jumped by 9.4% year-on-year.
The 31% yearly increase of pre-salt flows to 1.527 million bpd provided the main support. The output from the Buzios pre-salt field at 500,000 bpd counterbalanced the production stoppages in the Tupi area at the Santos basin region.
Meanwhile, the deepwater post-salt output went down by 7.6% quarter-to-quarter and 18.1% year-on-year at an average of 573,000 bpd. The shallow-water platforms posted the steepest fall at 40.3% year-on-year to about 37,000 bpd.
Previously in the first quarter, Petrobras shut 62 shallow-water platforms due to economic infeasibility.
In the second quarter, crude exports dropped by nearly 15% quarter-to-quarter but soaring by 65.4% on a yearly basis. Robust demand for low-sulfur marine fuel and the economic recovery in China buoyed the company’s output and increase utilization rates at its domestic refineries.
According to CEO Roberto Castello Branco, more domestic output is being utilized inside the country to produce more fuel for domestic and exports.
The company’s refinery utilization rates averaged at 70% in the April-June period, already rebounded from the mid-April low of around 59% due to the domestic demand for motor fuels and foreign demand for low-sulfur bunkers.
At the end of June, refinery runs hit 78%, down by 1% quarter-to-quarter but up by 2% year-on-year.
