Petrobras Beats Production Targets & Increases Refinery Load in 2021

Source: 2/9/2022, Location: South America

Petrobras achieved excellent operational performance in 2021, reaching all production targets for the year.

The highlights of 2021 were:

- start of production on the FPSO Carioca, on August 23, the first platform in the Sépia field, in the pre-salt layer of the Santos Basin. During the year, 3 new producing wells were connected and currently the operated production is above 130 thousand bpd;

“The start-up of the first Sépia project is a milestone for all of us who work at Petrobras. It is the victory of the determination, persistence and technical capacity of our professionals, in a challenging external scenario due to the pandemic”, says the director of Production Development, João Henrique Rittershaussen;

- conclusion, on July 18, of the ramp-upof the P-70, in the Atapu field, in less than 13 months. Thus, the platform reached, with 4 producing wells, an operated production of 161 thousand bpd, exceeding the project's nominal capacity;

- record in own pre-salt production, with an annual average of 1.95 MMboed, representing 70% of Petrobras' total production. Our production in the pre-salt has been growing rapidly and the record recorded represents more than double the volume we produced in this layer 5 years ago;

- annual record of gas utilization with the mark of 97.2% of the gas produced. This record contributes significantly to reduced emissions and greater carbon efficiency;

- Signature and entry into force, on September 1, of the co-participation agreement for the Búzios field, which regulates the coexistence of the Assignment of Rights Agreement and the Agreement for the Sharing of Production of the Assignment Onerous Surplus Production for the field. Thus, we now hold 90% of the exploration and production rights for the excess volumes, excluding the PPSA portion, and 92.666% of the volumes in the shared deposit;

- acquisition, on December 17, of exploration and production rights for volumes in excess of the transfer of rights in the Atapu and Sépia fields. Petrobras exercised its right to act as operator, with a 30% interest in the winning consortium of Sépia. For Atapu, in turn, the consortium will be integrated by Petrobras as operator, with a 52.5% stake. With the entry into force of the Production Sharing Regime in Atapu and Sépia, scheduled for the beginning of May 2022, Petrobras' interests in the shared deposits, including the installments of the Assignment Agreement and the Concession Agreements and excluding the PPSA share will be respectively 65.69% for Atapu and 55.30% for Sepia.

“The achievement of these results demonstrates Petrobras' commitment to meeting its goals and the focus on assets in deep and ultra-deep waters, which have shown great competitive advantage, producing low-cost, high-quality oil with low gas emissions. greenhouse effect”, says Exploration and Production Director Fernando Assumpcao Borges.

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