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  • Petrobras : Highlights on production and sales in 2Q20
    édité le 22/07/2020 - Plus de news de "PETROBRAS" - Voir la fiche entreprise de "PETROBRAS"

Petrobras : Highlights on production and sales in 2Q20
In a challenging context, Petrobras presented solid operational performance in 2Q20. The preventive measures against COVID-19 demanded a reduction in the number of shifts in our operations, in which we have been working with 50% of the regular staff.

In view of this new scenario for the oil and gas industry, we decided to mothball 62 platforms that operate in shallow waters, as prices do not cover variable costs.

Despite the sharp drop in demand at the end of March and in April, the average production of oil, NGL and natural gas in 2Q20 was 2.802 MMboed, 6.4% higher than in 2Q19 and only 3.7% below 1Q20. This result was made possible by the company's quick reaction to the challenges imposed by the global recession caused by the pandemic.

In April, integrated logistics and marketing initiatives allowed exports to grow, offsetting the reduction in domestic fuel demand. We reached a record for oil exports of 1 million barrels per day.

Reinforcing our commitment to the health of our employees and our service providers, we operate with a restricted number of people on board, prioritizing only essential services in order to keep our operational activities safe. Due to these restrictions, there was a postponement in the interconnection of new wells, commissioning of new units and maintenance stoppages, which will resume in September this year, following expectations of regularization of activities, whose impacts for 2020 are projected in our Strategic Plan released in December 2019. Therefore, we keep our production target for 2020 of 2.7 MMboed, with a variation of 2.5% up or down.

Another important achievement was starting up the P-70 platform in the midst of the pandemic, with the first oil from the Atapu Field, in the eastern portion of the Santos Basin pre-salt, close to the Búzios field, being extracted on June 25. The reservoir comprises the fields of Oeste de Atapu, Atapu and a portion of the Government's non-contracted area, and we hold an 89% stake. P-70 will contribute to increase the growth in the production of oil equivalent in the pre-salt, whose participation grew from 63% in 1Q20 to 66% in 2Q20, becoming increasingly relevant for Petrobras and Brazil. The FPSO has the capacity to process up to 150 thousand barrels of oil a day and treat up to 6 million m³ of natural gas.

The platforms installed in Búzios field (P-74, P-75, P-76 and P-77), in the Santos Basin pre-salt, reached new production records on July 13, with daily production of 674 kbpd of oil and 844 kboed of oil and gas. By maximizing the use of the units' installed capacity and interconnecting only four to five wells per platform, supported by the high production potential of the wells and the reservoir, we managed to increase the oil

Production capacity in the four units, reaching average production 168 kbpd per platform. The Búzios field, discovered in 2010 and whose rights to explore and produce the Transfer of Rights surplus were acquired by Petrobras in November 2019, is the largest deepwater oil field in the world. It is a world-class asset, with substantial reserves, low risk, low lifting cost and resilient to challenging scenarios.

We also reached the mark of 1 billion barrels of oil produced in the Parque das Baleias area, which adds to the list of fields that have already reached this level of accumulated production (Marlim, Marlim Sul, Roncador and Tupi Area). The Parque das Baleias area, comprising the fields of Jubarte, Baleia Anã, Cachalote, Caxaréu and Pirambú, in the Campos Basin, on the coast of Espírito Santo, had its first oil in 2002 and was the area in which the 1st well in Brazilian pre- salt started production in 2008.

Still in 2Q20, we continued to prioritize production in deep and ultra-deep waters, concluding the divestment of the Macau cluster and, in line with our commitment to the Low Carbon and Sustainability Agenda, we reached a new monthly record for the use of natural gas, with the 97.7% threshold reached in April, against an average of 97% in 2019.

In the refining business, production was significantly impacted by the reduction in demand, mainly in April, when the utilization factor of our refineries reached 59%. Optimizations were carried out at our refineries in order to adapt the output of oil by-products to variations in demand, seeking to maximize profitability in the refining system. As a result, we prioritized the production of bunker and fuel oil, which enabled us to achieve records in fuel oil exports in May and, as domestic consumption recovered, we were readjusting the mix, allowing the refining utilization to return to pre-pandemic levels, reaching 74% and 78%, in May and June, respectively.

In this context, the Digital Twins Project stands out, with the implementation of digital technology in refineries to support decision-making, which increased efficiency, optimizing processes. Digital Twins is already implemented in eleven refineries: REFAP, REPAR, RECAP, RPBC, REVAP, REPLAN, REDUC, REGAP, RNEST, LUBNOR and REMAN. In 2019 we had a gain of US$ 66 million and the forecast for 2020 is up to US$ 154 million.

In April Petrobras exported the equivalent of 30.4 million barrels (more than 1 million barrels per day), thus establishing the new monthly record for the volume of oil exported. The previous record had been set in December 2019, with an average of 771,000 barrels per day. In the quarter, physical exports totaled 74 million barrels. The export of these representative volumes enabled us to act quickly in the management of oil inventories, and, as a consequence, in the resumption of oil production earlier than expected, completely removing restrictions on oil production due to demand issues in the last days of April.

Oil by-products exports rose 22% compared to 1Q20, especially in May, when we exported 290 kbpd, mainly of low sulfur fuel oil streams. This performance demonstrates Petrobras' strong presence in the international market.

In June, REPLAN reached a production record of 31 kbpd of low sulfur fuel oil, 24% higher than the previous record of 25 kbpd. June was also marked by the resumption of operations of a distillation unit (U-200A) and a catalytic cracking unit (U-220), to meet the increased market demand for oil by-products. With the return of these units, REPLAN resumed its capacity to process 434 thousand barrels of oil per day, the largest in our refining system. In addition, there was a record of S10 diesel production, a high value-added product, in June 2020.

Following up on our commitments, we have successfully completed tests for coprocessing diesel with refined soybean oil at REPAR. Based on the test results, the technical feasibility of the technology is confirmed, establishing an easier-to-implement alternative for capturing opportunities in the renewable diesel market with businesses integrated with Petrobras' refining system, whether in existing units, taking advantage of the current capacity in co-processing, or in units that may be designed for specific production of green diesel. Unlike biodiesel, green diesel does not have double bonds, oxygen and contaminants such as glycerins and metallic compounds. Thus, the use of green diesel is more environmentally friendly and meets the limits of vehicle emissions that will be adopted from 2022/2023. We emphasize that the economic viability of this initiative depends on the recognition of green diesel for the purpose of meeting biodiesel mandates.

In relation to sales, demand for diesel and gasoline recovered in May and June compared to the previous two months, which were impacted by social distancing measures. As a result, we had an increase in sales and market share in these products in the period.

REDUC reached 16.8 thousand tons of asphalt sold in June 2020, an increase of 42.5% in relation to May and 120.8% in relation to the same month of the previous year. This is the refinery's best mark in selling this product since 2013.

Regarding the new gasoline specification, our refining system is already prepared to produce it, in compliance with the regulations of the National Petroleum, Natural Gas and Biofuels Agency (ANP), which will come into force in August 2020. The new specification will bring the quality of the fuel sold in Brazil closer to that of the American and European markets. The intrinsic quality of this gasoline will increase in terms of octanes and specific mass, resulting in a more efficient fuel and better protection for vehicle engines. This will allow a reduction in gasoline consumption per kilometer traveled.

In the Gas and Power segment, June had a recovery in the volume of domestic gas made available to the market, with a 10% growth compared to May. As to total volumes, the growth in June was 14% in relation to May. Total supply was 61.5 MM m³ / day in June against 53.9 MM m³ / day in the previous month.
The expansion in demand was felt mainly in sales to the non-thermoelectric sector, with volume growing from 28.1 MM m³ / day in May to 31.2 MM m³ / day in June, representing a 21% growth compared to April, the worst month since 2005.

Also due to the pandemic, Petrobras triggered fortuitous cases or force majeure clauses in contracts for the purchase of natural gas, both imported and domestic, guaranteeing a minimum volume of gas to supply the market in the period of reduced demand.

About Petrobras

Petrobras has upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.

Origine : Communiqué PETROBRAS

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