Petrobras’ Operational Production Hits 5.08 Million Barrels of Oil Equivalent a Day in Third Quarter
Key Facts
Petrobras set a new record for operated production in the third quarter of 2026, at 5.08 million barrels of oil equivalent a day, compared with the previous record of 4.87 million in the second quarter. At the same time, its average net production of oil, natural gas liquids and natural gas reached 3.512 million barrels of oil equivalent a day. This net production rose 11.7% year on year and 5.3% from the previous quarter, according to the company’s operational report. The two figures distinguish between what Petrobras produces for its own account and the total output it operates, putting the expansion of its operations ahead of growth in its net production. The records came as oil production in Brazil increased and supply from pre-salt fields expanded.
The company attributed the rise in net production to production efficiency reaching its highest level in 8 years and increased output from the P-78 and P-79 platforms at the Buzios field. The arrival of the Alexandre de Gusmão floating production, storage and offloading unit at its target production level at the Mero field also contributed. Petrobras added that production losses caused by maintenance shutdowns were lower during the quarter. These factors reflect a combination of improved operating performance and higher output from existing facilities, alongside lower volumes lost to maintenance work. In the pre-salt, the company’s net production reached 2.96 million barrels of oil equivalent a day, exceeding the previous record of 2.78 million in the second quarter.
Twelve new production wells came online in the third quarter, six in the Campos Basin and six in the Santos Basin, Petrobras said. Alongside this expansion, Buzios platforms recorded average natural gas exports exceeding 11 million cubic meters a day for the first time. These indicators show activity expanding from wells to gas production for export, as well as increased output from the platforms the company cited as growth drivers. In oil, Petrobras’ production in Brazil reached 2.832 million barrels a day, up 12.4% from 2.52 million in the third quarter of 2025, according to data reported by Reuters. Reuters said the level exceeded a peak of 2.7 million barrels a day that the company had targeted for 2028; its plan had pointed to an average of 2.5 million in 2026 and 2.6 million in 2027.
Activity also extended to exports, with crude oil shipments reaching 987,000 barrels a day between July and September, up 21.3% from the same period in 2025, according to data reported by Reuters. Petrobras said some export cargoes were still in transit at the end of the quarter and were not reflected in total exports for the period. In the domestic market, sales of oil products rose to 1.854 million barrels a day, up 6.4% from the second quarter and the highest level since the third quarter of 2021. Refinery output reached 1.873 million barrels a day, with a utilization rate of 99%, five percentage points higher than in the third quarter of 2025. Diesel production set a quarterly record of 769,000 barrels a day and reached a monthly record of 792,000 in July.
Petrobras is preparing to add new production capacity at Buzios: the P-80 and P-82 platforms left the shipyard in Singapore on September 30 and October 18, respectively, bound for the field. The platforms are scheduled to begin operations in 2027, the company said. This follows the contribution of higher output from P-78 and P-79 in the third quarter, as facilities in the area expand. Petrobras will report its third-quarter financial results on November 10, 2026, after markets close. It will also hold an online presentation of the results on November 11 at 11:30 a.m. Brasília time.