Petrobras, the Brazilian oil giant, is experiencing a surge in refinery operations, driven by a combination of modernization efforts and strategic investments. In September, the company achieved a remarkable Total Utilization Factor (FUT) of 96.8% for its refineries, marking the highest monthly figure in 2024. This strong performance contributed to a robust third-quarter average of 95.2%.
The quarter also saw a record-breaking volume of pre-salt oil processing, accounting for a substantial 73% of the total load. This highlights Petrobras’ focus on tapping into this valuable resource, which holds immense potential for future production. Furthermore, gasoline production reached an impressive 6.38 million m3, demonstrating the company’s ability to meet growing domestic demand.
Petrobras’ commitment to innovation and efficiency is evident in its record asphalt production. The company produced 803,000 tons in the quarter, with notable milestones at the Reduc and Repar refineries. The modernization projects undertaken by Petrobras, coupled with improved asset reliability, process optimization, and the adoption of cutting-edge technologies, have played a crucial role in achieving these outstanding results.
Beyond its domestic operations, Petrobras is actively expanding its international footprint. The company recently confirmed the discovery of significant gas reserves in Colombia’s Guajira Offshore Basin, estimated to hold around 6 trillion cubic feet (Tcf) of gas in place. This discovery, known as Sirius-1 and Sirius-2, underscores Petrobras’ commitment to exploring new opportunities and securing valuable resources.
In another strategic move, Petrobras’ Board of Directors approved the company’s participation in South Africa’s Deep Western Orange Basin (DWOB) block. Petrobras secured a 10% stake in the project through a process led by TotalEnergies, signaling its growing presence in the African energy market. Investors interested in gaining exposure to Petrobras can consider options such as Global X Funds Global X Brazil Active ETF BRAZ and Shares Latin America 40 ETF ILF.
