Page 11 - LatAmOil Week 10 2023

LatAmOil BRAZIL LatAmOil

Petrobras has been importing LNG since 2009 (Photo: Petrobras)

Brazil leaned heavily on imported LNG in 2021, Brazil had reduced Petrobras’ need to import
as it sought gas to fuel thermal power plants LNG cargoes. At that time, Costa said that
(TPPs) to make up for HPPs’ inability to operate Petrobras was slated to take delivery of around
at full capacity during a severe drought. 40 LNG cargoes in 2022, down from 112 in
It has not needed to continue doing so – and 2021.
this appears to be a fortunate thing, as spot LNG State-controlled Petrobras began import-
prices were considerably higher in 2022 than in ing LNG to Brazil via a floating storage and
2021. regasification unit (FSRU) in Pecem in 2009.
Rodrigo Costa, Petrobras’ chief refining and Since then, it has established several more LNG
natural gas officer, acknowledged this shift in the import terminals, and Brazil’s government has
NOC’s second-quarter earnings call last year, allowed several privately owned companies to
saying that better water reservoir conditions in build terminals of their own. ™

Brazil’s oil and gas production

tops 4mn boepd level in January

BRAZIL’S hydrocarbon production climbed
to 4.175mn barrels of oil equivalent per day
(boepd) in January 2023, according to data
released earlier this week by the country’s
National Agency of Petroleum, Natural Gas and
Biofuels (ANP).
This marks an increase of 6.5% on the
December 2022 figure of 3.939mn boepd, as
well as an 8% rise on the January 2022 figure of
3.866mn boepd. It marks the first time since last
October that monthly output has moved back
above the 4mn boepd mark and appears to be
the result of improvements in both oil and gas
production. Offshore pre-salt fields accounted for the majority of production (Photo: Petrobras)
Additionally, crude oil yields topped the all-
time record high of 3.148mn barrels per day output, or about 3.168mn boepd. Oil accounted
(bpd) set in October 2022, ANP noted. for 78.57% of pre-salt production, or 2.489mn
The agency also reported that offshore fields bpd, while gas production made up the remain-
in the pre-salt zone had made up 75.9% of total ing 21.43%, or 107.48mn cubic metres per day.

Week 10 08•March•2023 www. NEWSBASE .com P11