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Petrobras Refinery Output Hit Record High In 2024
Brazil’s state-owned oil and gas multinational Petróleo Brasileiro S.A. (NYSE:PBR), aka Petrobras, saw output from its refineries hit an all-time high in 2024 thanks to record production of gasoline and S-10 diesel. Petrobras reported that gasoline output totaled 24.4 billion liters, eclipsing the previous record of 24.2 billion liters posted in 2014 while diesel production reached 26.3 billion liters. The company’s annual refinery utilization rate was 93.2% last year, up from 92% in 2023.
Last year, Petrobras lowered capital expenditure (capex) for 2025 to $17 billion from an earlier estimate of $21 billion. According to the company, the lower capex is more realistic and in line with its financial wherewithal. In its latest strategic plan, Petrobras plans to invest $102 billion in the 2024-2028 period, good for a 31% increase over the previous plan amid pressure from Brazil’s President Luiz Inacio Lula da Silva for the firm to ramp up investments in a bid to prop the country’s economy and generate local jobs.
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Previously, global research and consultancy group Wood Mackenzie predicted that Brazil’s private oil companies will increase oil production by 75% from 1.221Mb/d to 2.123Mb/d by 2030. According to WoodMac, international oil companies such asShell Plc (NYSE:SHEL), Equinor ASA, (NYSE:EQNR), TotalEnergies SE (NYSE:TTE), Repsol Sinopec Brasil S.A. and Petrogal will be among the top producers thanks to their partnership with Petrobrasin the pre-salt and fields under development. Brazil’s oil and gas production has hit the highest level ever, with oil output increasing 18.6%Y/Y to 3.51 million barrels per day while natural gas production grew 13.6%Y/Y to 154.08 million cubic meters per day.
Last August, Petrobras andColombia’s integrated energy company Ecopetrol S.A. (NYSE:EC) confirmed a large natural gas discovery at the Uchuva-2 well off Colombia’s coast. Uchuva-2 is a deepwater well with natural gas previously discovered in the nearby Uchuva-1 well, drilled in 2022.
According to a Petrobras official, the promising area off Colombia’s coast could justify a large project to supply natural gas to the Andean country and for exports.
By Alex Kimani for Oilprice.com
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Alex Kimani
Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com.
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George Doolittle on January 18 2025 said:
Outside of the USA I don’t really see where there is any new demand for oil actually all because of the crazy dynamic US oil refining sector actually which appears to be be revolutionized first by an awesome amount of product to refine 2nd the natural gas boom has given the industry the necessary dirt cheap feedstock to create refined product in the first instance that can be afforded. Now it’s possible since apparently the USA can’t afford its own oil imported oil could now play a major role in buying up global product as both China and Europe basically don’t use at the consumer level much anymore product refined from oil such as gasoline and diesel fuel. The USA might even see refined product from places like the Netherlands show up actually certainly be true of Canada. Also small scale nuclear power if that is actually realizable could see a dramatic reduction in the cost of on site power in the form of electricity. Either way has the “feel” of a massive glut forming. Long $shel former Royal Dutch Shell strong buy
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