Petrobras increases 2023 oil, gas production guidance

Nov. 13, 2023
Petróleo Brasileiro (Petrobras) has increased its 2023 oil and gas production guidance based on its third quarter production.

Petróleo Brasileiro SA (Petrobras) has increased its 2023 oil and gas production guidance based on its third-quarter production.

The operator increased its full-year 2023 oil and gas production guidance to 2.8 MMboe/d from 2.6 MMboe/d, its commercial production guidance to 2.4 MMboe/d from 2.3 MMboe/d, and its oil and NGL production guidance to 2.2 MMboe/d from 2.1 MMboe/d. The increases are due to company performance in third-quarter 2023 and forecasts for ramp-ups and new wells in this year’s fourth quarter, Petrobras said in a release Nov. 10.

In this year’s third quarter, average production of oil, NGL, and natural gas reached 2.88 MMboe/d, 9.1% higher than in second-quarter 2023. Production in pre-salt reached a new quarterly record of 2.25 MMboe/d, equivalent to 78% of Petrobras' total production, surpassing the previous record of 2.06 MMboe/d in second-quarter 2023. Total operated production by Petrobras also reached a record with 3.98 MMboe/d in the same period, 7.8% above this year’s second quarter.

Total 2023 CAPEX guidance is $13 billion, an increase of more than 30% compared with 2022, but a reduction from previous 2023 guidance of $16 billion. The reduction is due to lower spending than planned on exploration and production, which declined to $11.2 billion from $13.3 due to supply market challenges in the post-pandemic inflationary context, the operator said.