-- Brazil's state-controlled oil company Petrobas (PBR) achieved average oil, natural gas and natural gas liquids of 3.23 million barrels of oil equivalent per day in Q1, rising 16.1% year over year and 3.7% sequentially, the company said in an earnings update.
The increase was mainly thanks to a ramp-up of offshore floating, production and storage capacity in the Buzios, Mero, Marlim and Voador fields, Petrobras said.
Productivity and operational efficiency increased in the quarter and there was a reduction in volumes lost due to maintenance shutdowns. Ten new wells started in Q1, seven of which were in the Campos Basin and three in the Santos Basin.
Buzios field platforms hit an output record on March 20 of 1.04 million barrels and 12.4 million cubic meters of gas on March 25, the company said.
The Mero field exceeded a milestone of 700,000 barrels of oil in a day after the start-up of a new well while platforms in Santos Basin hit a record 44.8 million cubic meters of gas export on March 28.
Production on two wells connected to the P-78 platform has increased to about 100,000 barrels of oil per day after the start of gas injection.
The P-79 platform was moored on Feb. 21 and has helped increase processing capacity of oil to 180,000 barrels per day and to compress 7.2 million cubic meters of gas. It will make it possible to increase gas supply to Brazil by up to 3 million cubic meters per day, the company said.
Total operated production in Q1 2026 was 4.65 million boed, exceeding the Q3 prior record of 4.54 million boed, with total own production in Q1 2026 of 3.23 million boed up from Q3 2025's 3.14 million boed.
In the ultra-deep subsalt areas, Petrobras-operated output was 4.01 million boed and own production within that was 2.66 million, both record levels.
The company recorded a 6.7% increase in output of oil products versus Q4, 2025, to 1.82 million bpd. Of this, 68% were middle distillates, specifically diesel, jet fuel and gasoline. Higher output of these enabled a reduction of imports in the quarter, Petrobras said.
Refining capacity utilization reached 95%, up six percentage points from Q4, 2025.
Fuel exports rose 3.3% in the quarter with daily sales of 187,000 barrels per day during the period, the best performance since Q1, 2022.
LPG production in Rio de Janeiro rose to 75,800 tons through the Comprida & Redonda Islands Terminal in March.
There was record oil production throughput via Santos at 879,000 cubic meters of products handled at the pier, the largest volume since the early 2000. Fuel oil outflow was maximized at 402,000 cubic meters, Petrobras said.