Brazil’s Petrobras posts record quarterly output of 3.23mn bpd in Q1

State-owned Petrobras posted its highest average quarterly production during Q1 at of 3.23mn barrels of oil equivalent per day (boepd), up by 16.1% year on year, on the back of the ramp-up of new floating production vessels across its pre-salt heartland, the Brazilian state-owned oil company said in a statement.

The figure represents a 3.7% increase from the fourth quarter of 2025.

The result was driven primarily by the ramp-up of the FPSO vessels P-78 at the Búzios field, Alexandre de Gusmão at Mero, and Anna Nery and Anita Garibaldi at the Marlim and Voador fields.

Ten new producing wells came online during the quarter, seven in the Campos Basin and three in the Santos Basin.

The Búzios field — Brazil's largest by reserves — set a single-day oil production record of 1.037mn barrels on March 20, while also hitting a gas export record of 12.4mn cubic metres on March 25.

The broader Santos Basin set its own record for daily gas exports at 44.8mn cubic metres on March 28.

The Mero field, meanwhile, surpassed 700,000 barrels of oil in a single day following the connection of a new well to the Alexandre de Gusmão FPSO. The field is operated by Petrobras.

Brazil’s Petrobras secures production individualisation agreements for Sururu and Berbigão fields

Petrobras has also been notified by oil regulator ANP of the approval of production individualisation agreements (AIP) for the Sururu and Berbigão shared reservoirs in the offshore Santos basin, effective from May 1, the Brazilian state-owned oil company said in a statement.

Both fields have been producing since 2019 via the FPSO P-68, which has a processing capacity of 150,000 barrels per day (bpd).

The agreements cover two overlapping contracts: the BM-S-11A concession, operated by Petrobras with a 42.5% stake alongside partners Shell (25%), TotalEnergies (22.5%), and Petrogal (10%); and a separate transfer-of-rights contract in which Petrobras holds a 100% interest.

Under the individualised structure, Petrobras's combined share in the Sururu AIP amounts to 45.394%, with Shell holding 23.742%, TotalEnergies 21.367%, and Petrogal 9.497%.

In the Berbigão AIP, Petrobras holds 62.913%, Shell 16.125%, TotalEnergies 14.512%, and Petrogal 6.450%.

AIPs are required under ANP regulations when reservoirs extend beyond the boundaries of a single concession or contract area.

Financial compensation between the parties, relating to costs and revenues accrued prior to the agreements taking effect, will be subject to separate negotiation.

Meanwhile, Petrobras has agreed to acquire a portion of the Argonauta field ring-fence in the Campos Basin from Shell, ONGC, and Brava, consolidating its grip on the Jubarte shared reservoir and bringing its stake in the asset to 98.11%, said the company.

The acquired interest corresponds to the section of the Argonauta field, under the BC-10 concession, that holds a 0.86% share of the pre-salt Jubarte reservoir, linked to a unitisation agreement in force since August 2025.

Total consideration comprises BRL700mn ($142mn) and $150mn, payable in three installments: BRL100mn at closing, BRL600mn on January 15, 2027 or at closing — whichever is later — and $150mn two years after closing, with all amounts subject to price adjustment provisions.

Upon completion, the federal government's vehicle Pré-Sal Petróleo SA (PPSA) will retain a 1.89% interest in the reservoir corresponding to the extension of the field into non-contracted areas, while Petrobras will hold the remainder.

Jubarte is the main asset within Parque das Baleias, a cluster of fields in the northern Campos Basin operating at water depths of between approximately 1,220 and 1,400 metres.

The complex currently produces around 210,000 bpd via the P-57 and P-58 platforms and two FPSOs.

Petrobras said the deal offered attractive financial terms, simplified asset management, and was consistent with its strategic focus on profitable upstream positions.

The transaction remains subject to regulatory clearance from oil regulator ANP and competition authority CADE.

In a separate development, Petrobras has asked environmental regulator Ibama for authorisation to deploy the Constellation-owned drillship Amaralina Star in exploratory activities at block FZA-M-59 in the Foz do Amazonas basin, Petronoticias reported.

Petrobras contracted the Amaralina Star in December 2024 in a deal worth approximately $528mn. The three-year contract came into force in March and includes an extension option of up to 315 days subject to mutual agreement.

The sixth-generation vessel is capable of operating in water depths of up to almost 3,050 metres feet and drilling to depths of up to 12,200 metres.

Petrobras is currently drilling the Morpho pioneer well in the same block using the Foresea-owned ODN-II drillship. The addition of the Amaralina Star would allow the company to optimise resource allocation across its equatorial margin exploration campaign.

The Foz do Amazonas basin has drawn significant attention as a potential new frontier for Brazilian oil production, though exploration efforts have faced scrutiny from environmental regulators over the ecological sensitivity of the region.