Petrobras Reports Record Pre-Salt Production as Q2 2026 Output Reaches 3.34 Million boed
Brazilian oil giant achieves multiple production milestones while refinery utilization hits all-time high of 101.2%.
Record Production Across Operations
Petróleo Brasileiro S.A. - Petrobras achieved record production levels in the second quarter of 2026, with average output of oil, natural gas liquids (NGL), and natural gas reaching 3.34 million barrels of oil equivalent per day (boed), representing a 14.1% increase compared to the same quarter last year and 3.4% above the first quarter of 2026 (FIN SUPP filing, 2026-08-07).
The production surge was "mainly driven by increased operational efficiency, the ramp-up of FPSOs Maria Quitéria in the Jubarte field, Alexandre de Gusmão in the Mero field, and P-78 in the Búzios field, as well as the start-up of FPSO P-79 in the Búzios field," according to the filing. These gains were partially offset by natural decline from mature fields.
Búzios Field Surpasses Million-Barrel Milestone
The Búzios field achieved a significant operational milestone during the quarter, with platforms reaching average production of 1.2 million barrels per day on June 26, surpassing the 1 million bpd threshold first crossed in October 2025 (FIN SUPP filing, 2026-08-07). The field also recorded its first monthly average production above 1 million bpd in June, reaching this milestone 8.2 years after commercial production began—faster than the Tupi field's 8.8-year timeline.
The P-79 platform, the eighth unit in the Búzios field, commenced operations on May 1, three months ahead of the 2026-30 Business Plan schedule. With production capacity of 180,000 barrels per day and gas compression capacity of 7.2 million cubic meters per day, the unit increased Búzios' total installed production capacity to approximately 1.33 million bpd (FIN SUPP filing, 2026-08-07).
FPSO Almirante Tamandaré maintained its position as Brazil's highest-producing platform with a record average monthly oil production of 253,000 bpd in June 2026.
Operational Efficiency Gains
Improved operational efficiency contributed an additional 70,000 barrels per day compared to the second quarter of 2025, "driven by operational efforts and spending on maintenance and integrity, enhancing the reliability of our production systems," the filing stated. This improvement was equivalent to the production capacity of FPSO Anna Nery in the Marlim field.
During the quarter, 10 new producing wells started operations, including four in the Campos Basin and six in the Santos Basin (FIN SUPP filing, 2026-08-07).
Refining Records Support Domestic Supply
Petrobras achieved an all-time high refinery utilization factor of 101.2% in the second quarter, surpassing the previous record of 101.1% set in the third quarter of 2014. The utilization rate reached 102.5% for two consecutive months in April and May 2026, the highest monthly levels ever recorded (FIN SUPP filing, 2026-08-07).
Oil products output increased to 1,918,000 barrels per day, up 5.6% from the first quarter. The high refinery utilization helped reduce oil products imports to 67,000 bpd, "the lowest quarterly volume on record," while crude oil imports fell to 89,000 bpd, the lowest level since the pandemic (FIN SUPP filing, 2026-08-07).
Pre-salt crude accounted for 73% of refinery feedstock in the second quarter, up four percentage points from the first quarter, demonstrating processing flexibility.
This article was generated by MarginX from the FIN SUPP filing on 2026-08-07. It is not investment advice.