In Q3 2024, Petrobras reported a total oil-equivalent production of 2.689 million boed, remaining consistent with the previous quarter. Key operational highlights included achieving peak production for the FPSO Sepetiba at the Mero field, bringing three new production wells online, and the activation of additional wells in projects at the Búzios and Tupi fields. These insights are documented in Petrobras’ Q3 2024 Production and Sales Report, released on Monday, October 28, 2024.

Pre-salt oil's share in processed refinery feedstock hit a record 73%, up 4 percentage points from Q2 2024, indicating greater logistical and operational flexibility in utilizing these oil streams more efficiently. In August, pre-salt oil reached a new monthly record of 76% in processed feedstock, supporting higher-value derivative production and reduced greenhouse gas emissions.

Domestic production and sales of derivatives rose 4.2% in Q3 2024 compared to the previous quarter, driven by seasonal demand growth. In September 2024, Petrobras achieved a peak utilization rate of 97% across its refining facilities, reflecting high operational efficiency and strong integration with logistics and commercialization efforts. Total derivative output reached 1.818 Mbpd, prioritizing high-value products (diesel, gasoline, and aviation fuel made up 68% of the total). Maintenance work continued at key refineries (Replan, Reduc, Revap, and RPBC) throughout the quarter, and the RefTOP program further improved refining efficiency, achieving a historical low in Energy Intensity at 101.0, down 2.1 points from Q2 2024.

Investments in modernization, process optimization, and new technologies contributed to these outcomes. Q3 2024 gasoline production reached a record 438 Mbpd, and Petrobras saw three consecutive months of growth in renewable-content diesel sales, reaching 3.7 Mbpd in September—double the previous record from April 2024. Additionally, Petrobras entered an agreement with Vale to test and study low-carbon products, including renewable diesel (Diesel R), in its mining vehicles, marking Petrobras' first direct sale of this type of diesel.

Asphalt sales reached 816.7 thousand tons in Q3 2024, the highest quarterly result since 2014. Diesel sales rose 6.0% due to increased demand in Q3, driven by the summer grain planting season and industrial activity. Gasoline sales grew by 1.0%, with gasoline becoming more competitive compared to ethanol in fueling flex vehicles. Jet fuel sales rose 3.8% due to seasonal demand during holidays and heightened economic activity. Sales of liquefied petroleum gas (LPG) also increased by 3.2%, due to higher industrial activity and lower average temperatures in major consumer areas.

Additional Operational Highlights

Operational results were bolstered by significant recent achievements. The FPSO Maria Quitéria began operations on October 15 in the Jubarte field, pre-salt Campos Basin. Equipped with emission-reducing technology, the platform can produce up to 100 Mbpd of oil and 5 MMm³/d of natural gas.

The FPSO Marechal Duque de Caxias is in its final preparation phase, with a capacity of up to 180 Mbpd of oil and 12 MMm³/d of natural gas, set to become the third production system in the Mero field, Santos Basin pre-salt. Starting in 2028, this unit will employ Petrobras' proprietary HISEP® technology to separate oil and gas on the ocean floor and, combined with carbon capture, utilization, and storage (CCUS) technologies, will significantly reduce CO₂ emissions.

Another milestone was the arrival of the FPSO Almirante Tamandaré from China, set to be the first high-capacity unit in the Búzios field, with production potential of up to 225 Mbpd and processing capacity for 12 MMm³/d of gas.

Lastly, the Rota 3 Natural Gas Processing Unit (UPGN) at the Boaventura Energy Complex (Itaboraí, RJ) initiated the startup procedure for its first module in September. It has been pressurized, with the first commercial gas expected soon. The second module, expected online later this year, will bring the total processing capacity to 21 MMm³/d.