Brazil’s Petrobras recorded almost unchanged crude oil production in the first quarter of 2025, averaging 2.77 million barrels per day (bpd), a slight 0.2% decrease from the same period in 2024. However, production rose 5.4% compared to the previous quarter, the state energy company said.
Specifically, crude oil output fell 1% to 2.21 million bpd, according to Reuters citing Petrobras’ Q1 report.
The company attributed the overall production increase in oil and gas to fewer losses from maintenance shutdowns, improved efficiency in the Santos Basin fields, and the addition of new floating production, storage, and offloading (FPSO) vessels at the Buzios and Mero fields. These gains were partly offset by natural declines at some older fields.
Earlier this year, Petrobras announced a new discovery at the Buzios field, which could help raise production there to 2 million bpd by 2030. Currently, Buzios produces about 800,000 bpd.
Petrobras also reported that its proven oil and gas reserves grew by 500 million barrels in 2024, reaching 11.4 billion barrels. About 85% of these reserves are crude oil and condensates, with the rest in natural gas.
The company’s strategy to boost production focuses on increasing recovery rates at existing fields and slowing natural declines. Petrobras has set a five-year investment plan totaling $111 billion through 2029, with $77 billion dedicated to oil and gas exploration and production. This budget was raised by $10 billion late last year from the original plan.
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