Latest news with #MagdaChambriard
Yahoo
2 days ago
- Business
- Yahoo
Petrobras reports 7.6% increase in oil production in Q2
Petrobras, the Brazilian state-run oil company, has reported a significant 7.6% increase in oil production during the second quarter (Q2), reaching 2.32 million barrels per day (mbbl/d) in Brazil. This rise is attributed to the ramp-up of new production vessels, which have notably boosted output, according to a Reuters report. In Q2, the company saw enhanced productivity from four floating production vessels. One vessel reached its peak production, while another commenced operation ahead of schedule, contributing to the overall increase for the period. The company's total production, including oil, gas and gas liquids, rose to 2.91 million barrels of oil equivalent per day (mboe/d), a 7.8% increase from the previous year. Sales of oil, gas and derivatives also increased to 2.98mboe/d, a 1.6% increase from last year. Exports of oil and derivatives from Petrobras climbed by 2.7% to approximately 874,000bpd. During this quarter, China remained the primary recipient of the company's oil, accounting for 54% of total exports, a four-percentage-point increase from the same period last year. Meanwhile, the US saw an increase in its share of oil exports from Petrobras, receiving around 8%, up from 5% in Q2 of the previous year. Petrobras CEO Magda Chambriard had indicated that the company is considering altering its export strategy in response to the annoucement of higher US tariffs on South American countries. The company may shift its focus from the US market and increase its oil exports to Asia and Pacific regions. Additionally, Petrobras is exploring the sale of Polo Bahia onshore oil and gas operations in Bahia state. The Polo Bahia Terra, which currently produces less than a single well in the pre-salt region, stands out for its high production costs compared to the prolific pre-salt deep-water fields that generate more than 70% of Brazil's oil output. The company is evaluating various options for the Polo Bahia hub, which includes 28 onshore fields, with a focus on returns and shareholder interests. "Petrobras reports 7.6% increase in oil production in Q2" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
2 days ago
- Business
- Reuters
Petrobras' oil output rises 7.6% in Q2 boosted by production vessels ramp-up
RIO DE JANEIRO, July 29 (Reuters) - Brazilian state-run oil firm Petrobras ( opens new tab produced 2.32 million barrels of oil per day in Brazil during the second quarter, it reported on Tuesday, marking a 7.6% rise over the same period last year, as new production vessels increased output. In the second quarter, four floating production vessels increased output, one reached peak production and another started operations ahead of schedule, boosting output for the period, the firm said. Petrobras' total oil, gas and gas liquids production reached 2.91 million barrels of oil equivalent per day (boed) in the second quarter, up 7.8% from a year earlier, and sales of oil, gas and derivatives reached 2.98 million boed, a 1.6% increase. Petrobras' exports of oil and derivatives rose 2.7% to some 874,000 barrels per day, the firm said. During the period, China was the main destination for the company's oil, receiving 54% of the total, four percentage points above the same period last year. The United States received around 8% of oil exports, up from 5% in the second quarter of 2024. Earlier this month Petrobras Chief Executive Magda Chambriard told Reuters that the firm may redirect the oil it sells to the U.S., sending more to Asia and Pacific markets if higher tariffs the U.S. announced for the South American country come into effect.
Reuters
17-07-2025
- Business
- Reuters
Exclusive: Petrobras may redirect oil to Asia due to US tariff on Brazil, CEO says
RIO DE JANEIRO, July 17 (Reuters) - Brazilian state-run oil firm Petrobras ( opens new tab may redirect the oil it sells to the United States, sending more to Asia and Pacific markets due to higher tariffs the U.S. announced on Brazil, its chief executive told Reuters on Thursday. Although oil and gas exports make up a hefty share of Brazil's exports to the United States, Petrobras CEO Magda Chambriard said it is not an essential market for the firm. "It is not much that we export (to the U.S.). In general, we are not very worried," she said in her first public comments about the 50% tariff U.S. President Donald Trump announced last week.
Business Insider
07-07-2025
- Business
- Business Insider
Petrobras debates selling onshore operations in Brazil's Bahia, Bloomberg says
Petrobras (PBR) is considering the sale of its onshore operations in Brazil's Bahia state, Mariana Durao of Bloomberg reports, citing comments made by CEO Magda Chambriard. Producing oil and gas at Polo Bahia Terra is too expensive given it yields less than a single well on the pre-salt, Chambriard told journalists. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Time of India
07-07-2025
- Business
- Time of India
Petrobras weighs options for Polo Bahia onshore fields, including sale, says CEO
Brazil's state-run oil firm Petrobras is weighing options for its Polo Bahia onshore oil fields, including a potential sale, Chief Executive Magda Chambriard said on Saturday, adding that any decision will prioritize returns and shareholder interests. The Polo Bahia hub, consisting of some 28 onshore fields, was previously listed for sale under former President Jair Bolsonaro's divestment strategy. President Luiz Inacio Lula da Silva pulled it off the market after he took office in 2023 and ended Bolsonaro's divestment strategy. Chambriard said the current operation at the Polo Bahia produces very little oil but requires significant effort. Extracting from those onshore fields was more viable when oil prices were higher, at $90-$100 per barrel, than it is at the current $65 per barrel, she added. "This is on our table and we haven't decided yet what we're going to do, whether to keep it with us, outsource the operation or transfer the asset. It's on the table, we're studying it and we're going to do what's best and most profitable for us and our shareholders," Chambriard said during the Strategic Forum for the Brazil-China Naval Industry in Rio de Janeiro. Asked if the company could replicate this analysis for its Urucu operation in Amazonas state, Chambriard declined to comment on potential divestment plans, and said Urucu produces "the best oil, the most valued." Also on Saturday, Brazilian and Chinese shipyards signed memorandums of understanding to foster technological and commercial collaborations, aligning with increased demand for Petrobras vessels.>
