• Petroleo Brasileiro SA operates in an integrated and specialized manner in the oil, natural gas and energy industry.
  • The company produce oil and gas and hold exploration acreage in 17 other basins in Brazil.
  • The company operates through 20 direct subsidiaries.


Petroleo Brasileiro SA Petrobras (NYSE: PBR) is a a publicly-held corporation that operates in an integrated and specialized manner in the oil, natural gas and energy industry.

Petrobras is recognized worldwide for its oil and natural gas exploration and production technology in ultra-deep waters. However, its business goes beyond the reach of the field and oil and gas extraction. This means a long process where the company transport oil and gas to its refineries and natural gas treatment units, which must be equipped and constantly evolving to supply the best products.


Recent Developments

Petrobras on sale of stake in petrochemicals1

01.Nov.2022; Petrobras informs that it has started the opportunity disclosure stage (teaser), regarding the sale of its entire shareholding, corresponding to 50% of the voting capital and 34.54% of the total capital, in the company METANOR S/A – Metanol do Nordeste (Metanor), headquartered in Camaçari, in the state of Bahia.

Metanor is a corporation, established in 1969, jointly controlled by Petrobras and Dexxos Participações S.A. It operates, through its subsidiary COPENOR – Companhia Petroquímica do Nordeste S.A., in the segments of methanol commercialization and production of methanol-derived products, notably formaldehyde and hexamine.

Financial Highlights

Third Quarter 2022 Results

25/10/2022; Pre-salt oil represents 73% of Petrobras' total production in the third quarter of 2022 2

Petrobras maintained a solid operational performance in the third quarter of 2022, with an average production of oil, LNG and natural gas of 2.64 million barrels of oil equivalent per day (MMboed), in line with 2Q22. The total production operated by the company reached 3.65 MMboed in the period, 2.6% above the 2nd quarter of 2022. The total refinery utilization rate (RUR) was 88% in the 3rd quarter, the same level as the results of the previous period. The data are highlighted in the Production and Sales Report, released this Monday (10/24) by the company. 

Petrobras' average production of oil, LGN and natural gas reached 2.64 MMboed, in line with 2Q22. The maintenance of this level is positive, given that the results for the 3rd quarter of 2022 already include the impacts of reduced production from the shutdown for decommissioning and demobilization of FPSO Capixaba and the effectiveness of the Production Sharing Contracts of the Surplus Volumes of Onerous Assignment of Atapu and Sepia.

The already foreseen impact of these events was positively offset by the good performance of P-68 and the increase in production (ramp-up) of the FPSO Guanabara. The P-68 platform, which operates in the Berbigão and Sururu oil fields (Santos Basin), reached full production capacity on June 21, which allowed the unit to reach its highest average production in this quarter, of 148,000 barrels of oil per day (bpd), confirming the good performance of the wells and the platform. Also, on October 8, the platform reached a daily production record of 161,000 barrels, above nominal capacity due to the optimizations achieved in the production plant. 

As well as the P-68, the P-70 unit in the Atapu Field and the P-74, P-75, P-76, and P-77 units in the Búzios Field have been able, depending on the operational conditions, to produce above their nominal capacity and have been critical for the production performance in 2022. At FPSO Guanabara (Mero Field), which is in production ramp-up, Petrobras carried out the interconnection and start-up of two new oil and natural gas production wells, and two new gas injection wells in 3Q22. As a result, the platform reached an average production of 65,000 bpd in the quarter.

In line with 2Q22, total production in the pre-salt layer was 1.94 million barrels of oil equivalent, representing 73% of Petrobras' total production. The company followed the market development work for pre-salt oil, focusing on Atapu and Sépia, which were the last oils added to Petrobras' export offering. In this quarter, four new customers were added, spread across Asia, Europe, and South America.

In refining, the total utilization rate (88%) and the yield of diesel, gasoline and QAV (66%) remained at high levels, in line with the 2nd quarter of 2022. This quarter's results were achieved despite the scheduled shutdowns of 43 days of distillation and coke at REPLAN, in Paulínia, São Paulo, the country's largest refinery, and 33 days at REGAP's hydrotreatment units, in Betim, Minas Gerais. It is also worth noting that, in the first nine months of 2022, eight of the company's refineries have accumulated operational availability on par with the best American refiners. 

With demand still strong, Petrobras sold 700,700 tons of asphalt in the domestic market in the third quarter of 2022, the highest volume in a quarter since 2014. It also achieved a quarterly record in asphalt production since 2014, with a total of 697,500 tons. 

In September, the first sale of R5 Diesel, made up of 95% petroleum-derived diesel and 5% renewable diesel, was concluded with technology developed by the Petrobras Research Center, which consists of co-processing in hydrotreatment units. Production was carried out at REPAR, in Paraná, where the R5 Diesel had already been produced for testing in Curitiba's urban bus fleet.


Business Overview

Exploration and Production

The company's activities are focused on deepwater and ultra-deepwater oil reservoirs in Brazil, which accounted for 95% of its total production in 2021. The company also have activities in mature fields in shallow waters and onshore, as well as outside Brazil as detailed below in this annual report. Brazilian exploration and production assets represent 91% of its worldwide blocks and fields, 99% of its global oil production and 99.5% of its oil and natural gas reserves.3

Petrobras has 286 blocks and fields in exploration and production including 91 consortia with other oil and gas companies. From the 286 blocks and fields, 262 are under Concession Agreements, 14 are    under Production Sharing Agreements and 10 are regulated by Transfer of Rights Agreements.

The company lead and operate E&P consortia that are responsible for some major projects under development, such as Mero (Petrobras 40%, Shell 20%, TotalEnergies 20%, CNODC 10% and CNOOC 10%), Berbigo, Sururu and Oeste de Atapu (all with Petrobras 42.5%, Shell 25%, TotalEnergies 22.5% and Petrogal 10%).

These E&P consortia also comprise some of the biggest production fields in Brazil, such as Tupi (Petrobras 65%, Shell 25%, Petrogal 10%), Sapinho (Petrobras 45%, Shell 30%, Repsol Sinopec 25%), Roncador (Petrobras 75%, Equinor 25%), Tartaruga Verde (Petrobras 50%, Petronas 50%) and Bzios (Petrobras 92.612%, CNOOC 3.694% e CNODC 3.694%). The company also operate these fields in the Pre-salt Polygon area.

The company produce oil and gas and hold exploration acreage in 17 other basins in Brazil. The most significant potential for exploratory success within its other basins are the Equatorial Margin and East Margin.

Outside Brazil, Petrobras has activies in South America and North America. Petrobras has focused on opportunities to leverage the deepwater expertise Petrobras has developed in Brazil. However, since 2012 Petrobras has been substantially reducing its international activities through the sale of assets in accordance with its portfolio management.


The company's net proved oil, condensate and natural gas reserves as of December 31, 2021 were estimated at 9,878 million boe. This estimate includes its interest in its equity method investees, which represents 0.2% of its net reserves.


Refining, Transportation and Marketing

The company processed 73% of all its oil production, which includes oil and LNG and excludes natural gasoline (“C5+”), in its refineries. The remainder was exported. In 2021, the company produced 1.852 million bbl/d of oil products, from the processing of Brazilian oil (91.5% of feedstock) and imported oil (8.5% of feedstock). The company traded these oil products both in Brazil and abroad.

The company own and operate 12 refineries in Brazil, with a total net crude distillation capacity of 1,897 mbbl/d. This represents 86% of all refining capacity in Brazil according to the 2021 statistical yearbook published by the ANP. Until November 2021 the company also owned and operated RLAM refinery with a capacity of 279 mbbl/d. The sale of the RLAM refinery was completed on November 30, 2021.Most of its refineries are located near its crude oil pipelines, storage facilities, refined product pipelines and major petrochemical facilities, easing access to crude oil supplies and end-users.

The company also operate a large and complex infrastructure of pipelines and terminals, and a shipping fleet to transport oil products and crude oil to Brazilian and global markets. The company operate 40 of its own terminals through its wholly-owned subsidiary Petrobras Transporte S.A. (“Transpetro”), and Petrobras has contracts for the use of some of the storage capacity of 13 third-party terminals.


The company operate through 20 direct subsidiaries (18 incorporated under the laws of Brazil and two incorporated abroad) and two direct joint operations as listed below. The company also have indirect subsidiaries, including Petrobras Global Finance B.V.

CompaniesLocationShareholdingOther Shareholders
Petrobras Transporte S.A. – TranspetroBrazil100.00%
Petrobras Logística de Exploração e Produção S.A. – PBLOGBrazil100.00%
Petrobras Gás S.A. - GaspetroBrazil51.00%Mitsui Gás e Energia do Brasil Ltda (49%)
Petrobras Biocombustível S.A.Brazil100.00%
Transportadora Brasileira Gasoduto Bolívia-Brasil S.A. – TBGBrazil51.00%

BBPP Holdings Ltda. (29%) YPFB Transporte S.A.

(19.88%) Corumba Holding S.À.R.L. (0.12%)

Procurement Negócios Eletrônicos S.A.Brazil72.00%SAP Brasil Ltda. (17%) Accenture do Brasil S.A. (11%)
Araucária Nitrogenados S.A.Brazil100.00% —
Termomacaé S.A.Brazil100.00%
Termobahia S.A.Brazil98.85%Petros (1.15%)
Baixada Santista Energia S.A.Brazil100.00% —
Petrobras Comercializadora de Energia S.A. – PBENBrazil100.00%
Fundo de Investimento Imobiliário RB Logística – FIIBrazil99.15%Pentágono SA DTVM (0.85%)
Petrobras Comercializadora de Gás e Energia e Participações S.A. – PBEN-PBrazil100.00%
Fábrica Carioca de Catalisadores S.A. – FCCBrazil50.00%Albemarle Brazil Holding Ltda.(50%)
Ibiritermo S.A.Brazil50.00%Edison S.p.A (50%)
Petrobras International Braspetro – PIB BVAbroad100.00%
Braspetro Oil Services Company – BrasoilAbroad100.00%
Refinaria de Mucuripe S.ABrazil100.00%
Refinaria de Canoas S.A.Brazil100.00%
Paraná Xisto S.A.Brazil100.00%
Refinaria de Manaus S.A.Brazil100.00%
Associação Petrobras de SaúdeBrazil93.47%

Transpetro (6.09%)

TBG (0.26%)

Pbio (0.13%)

Termobahia (0.05%)


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Tags: US:PBR Brazil
Created by Asif Farooqui on 2022/11/30 02:44
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