The Brazilian oil and gas group Petrobras has reported record profits of BRL188bn (US$36bn, +77% in 2022), benefitting from the global rise in oil prices (+42% for the Brent in 2022). The group produced 2,684 kboe/d of crude oil, NGL and natural gas in 2022, i.e. 3.2% below its 2021 level, including 2,142 kboe/d of crude oil and NGLs in Brazil (-3.1%), 505 kboe/d of gas in Brazil (-3.1%) and 37 kboe/d abroad (in Bolivia, Argentina and the United States). Oil production in pre-salt increased slightly (+1.2%), thanks to the ramp-up of FPSO Guanabara and the start-up of P-71, which were partially offset by the farm out of 5% of the Transfer of Rights’ surplus volumes of the Búzios field.
In the refining, transportation and marketing segment, Petrobras produced 1,743 kb/d in 2022 (-5.9%), due to the divestment of the REMAN refinery and to the scheduled stoppages of REPAR's distillation and coke units. Sales of oil products on the domestic markets declined by 2.9% to 1,753 kb/d, and exports contracted by 12% to 714 kb/d (reduced production limiting exports). Power generation (from thermal power plants) fell by 75% in 2022 due to the recovery of hydroelectric reservoir levels and to the divestment of the Northeast oil power plants (Arempebe, Bahia 1 and Muricy) carried out in 2021.