Petrobras Reaches Production Targets in 2021

Source: 1/14/2022, Location: South America

Petrobras confirms the achievement of its production targets for the year 2021.

The highlights of 2021 were:

- the start of production on the FPSO Carioca, the first platform in the Sepia field, in the pre-salt layer of the Santos Basin;
- own production in the pre-salt, which totaled 1.95 MMboed in 2021, representing 70% of Petrobras' total production;
- the signature and start of the term of the co-participation agreement for the Búzios field, which regulates the coexistence of the Assignment Agreement and the Production Sharing Agreement for the Surplus of the Assignment Onerous for the field;
- the conclusion of the sale of its entire interest in the offshore fields of Frade, in the Campos Basin, and Lapa, in the pre-salt of the Santos Basin, of the onshore Poles Rio Ventura, Miranga and Remanso, in the State of Bahia, and Cricaré , in the State of Espirito Santo, in addition to the onshore fields of Dó-Ré-Mi and Rabo Branco, in the State of Sergipe;

The achievement of this result demonstrates Petrobras' commitment to fulfilling its goals, which have been achieved by maintaining the focus of its activities on assets in deep and ultra-deep waters, where it has demonstrated a great competitive advantage over the years, producing oil of better quality and with lower greenhouse gas emissions.

Review of the 2022 production target

Continuing with the announcement released on December 17, 2021, we inform the revision of the oil and gas production target for the year 2022 in order to reflect the effect of the result of the 2nd Bidding Round of the Surplus of the Transfer of Rights in the Production Sharing Regime.

With the entry into force of the Production Sharing Regime in Atapu and Sépia, scheduled for the beginning of May 2022, the interests of each party in the shared deposits, including the installments of the Assignment Agreement and the Concession Agreements.

The start of production sharing for FPSOs P-70 and Carioca, in operation in the Atapu and Sépia fields, respectively, will impact Petrobras' production target disclosed in the 2022-26 Strategic Plan. In 2022, we will have a reduction in the value of 70 Mboed for the total production of oil and gas, and a change in the range from 2.7 MMboed to 2.6 MMboed with a variation of 4% more or less . Oil production and commercial production had an impact of around 60 Mboed, but remained in the same ranges, respectively, 2.1 MMbpd and 2.3 MMboed, with a variation of 4% up or down. For the period 2023 to 2026, the estimated average impact for production is a reduction of 0.1 MMboed.

For Atapu, Petrobras will receive compensation before the gross up , in the amount of US$ 1.5 billion, until April 15, 2022. In the case of Sépia, the amount is US$ 2.2 billion and the date of receipt is still under negotiation with the sharing consortium. The portion of the bonus owed by Petrobras for the two fields, in the amount of R$ 4.2 billion, should be paid in 1Q22.

Regarding investments for 2022, the announced forecast of US$ 11 billion is maintained. Throughout this year, the Development Plans for the production of surplus volumes in Atapu and Sépia will be discussed with partners and PPSA, which should include the implementation of a new production system in each field. These adjustments will be reflected and disclosed in the 2023-27 Strategic Plan.

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