Petrobras (PBR) Q2 Oil and Gas Output Hits Record

Petrobras oil & gas bv set a production record in the second quarter of 2026, as new offshore platforms lifted output and refinery utilization reached its highest level ever.

Petrobras oil & gas bv production set a quarterly record

The Brazilian state controlled producer averaged 3.34 million barrels of oil equivalent per day in equity production of oil, natural gas liquids and natural gas. That marked a 14.1% increase from a year earlier and a 3.4% gain from the first quarter.

Operating improvements and the gradual ramp up of several offshore units drove the advance. Those gains included the Maria Quitéria FPSO in the Jubarte field, the Alexandre de Gusmão FPSO in the Mero field, the P 78 unit and the P 79 platform at Búzios. Natural declines at older fields partly offset the growth. Petrobras also put 10 production wells into service during the quarter, four in the Campos Basin and six in the Santos Basin.

Other operating measures also reached new highs: operated production was 4.87 million boe/d, operated pre salt production was 4.24 million boe/d, and equity pre salt production reached 2.78 million boe/d. The figures underline the scale of offshore developments in Brazil’s pre salt fields.

Búzios adds capacity as new platforms ramp up

Búzios remained the strongest growth engine. Its platforms produced more than 1.1 million barrels per day on June 23, then passed 1.2 million bpd three days later. June was also the first month in which average production at the field topped 1 million bpd.

The P 79 began producing on May 1, three months ahead of the timetable in Petrobras’s current business plan. It can produce 180,000 bpd of oil and compress 7.2 million cubic meters of gas per day. With the unit online, installed production capacity at Búzios rose to about 1.33 million bpd.

At the Almirante Tamandaré FPSO, average oil output reached 253,000 bpd in June, the highest level for an offshore platform in Brazil. Mero averaged about 740,000 bpd for the quarter. Petrobras said output at Tupi, Sépia, Atapu, Itapu, Sapinhoá and Berbigão remained stable, although none added a new production system during the period.

Record refinery use cuts refined fuel imports

Refinery utilization reached 101.2%, exceeding the company’s previous record, set in 2014. Petrobras attributed the result to strong operational availability, which helped increase domestic fuel supply amid geopolitical uncertainty. Quarterly imports of refined products fell to 67,000 bpd, the lowest level the company has reported.

Refined product output climbed to 1.918 million bpd, up 10.9% year over year and 5.6% from the first quarter. Diesel S10 and jet fuel production each set quarterly records. Diesel, jet fuel and gasoline together represented 68% of refinery output.

Pre salt crude reshapes refinery supply

Pre salt crude made up 73% of refinery feedstock. Petrobras said its RefTOP modernization program reached a milestone in April, giving every refinery the ability to process 100% pre salt crude when market economics support it.

Higher crude production also lifted exports to nearly 1 million bpd. Crude imports dropped to 89,000 bpd, their lowest level since the COVID 19 pandemic.