Petrobras produced an average 2.78 MMboe/d in 2023, slightly below its target of 2.8 MMboe, but 3.7% more than it produced in 2022.
In 2023, the company set an annual record for total oil and natural gas production in Brazil’s presalt, reaching 2.17 million bbl, 78% of the company’s production total, surpassing the record 1.97 million bbl produced in 2022.
The company reached maximum oil production capacities on platforms in fields Itapu, Guanabara, Mero, Almirante Barroso, and Búzios.
Petrobras also reached a record 3.87 million bbl in total operated production in consortium with other companies, surpassing the previous record of 3.64 million bbl in 2022.
Petrobras noted estimated proven reserves of oil, condensate, and natural gas—according to US Securities and Exchange Commission criteria—totaled 10.9 billion boe as of Dec. 31, 2023. Of this total, 84% is oil and condensate, while 16% is natural gas.
In 2023, the company added reserves of 1.5 billion boe. “The organic reserve replacement index (IRRorg)…excluding the effects of divestments…reached 168% of the production for [2023], making the triennium 2021-2023 the one with the highest IRRorg in the company’s history, reaching a value of 207%,” the company said.
The reserves addition was mainly attributed to the performance of Santos basin fields Búzios, Tupi, and Atapu, and the declaration of commerciality of non-operated Campos basin fields Raia Manta and Raia Pintada.
Read More: Petrobras grows production 3.7% in 2023