Petrobras Tops 3.5 Million Barrels a Day as P-78 Hits Nameplate and Diesel Imports Return
Published on 11/07/2026 at 04:34 | Editorial boerse-global.de
Petrobras closed the third quarter of 2026 with record output, a newly commissioned platform running at full tilt and a fresh deepwater discovery — a set of operational wins that lands just as the global crude tape turns against producers. The Brazilian state-controlled group reported own production of oil, gas and natural gas liquids of 3.51 million barrels of oil equivalent per day for the quarter, an 11.7% increase from the same period a year earlier. Exports of oil and oil products also set a record, at 1.25 million barrels per day.
The upstream momentum is visible at the field level. Platform P-78, operating in the Búzios 6 project, reached its nominal production capacity of 180,000 barrels of oil per day on 31 October, according to company figures. On the exploration side, Petrobras confirmed a third oil find in Block FZA-M-59 following the completion of drilling at the Morpho well, as reported by Agência Brasil on 29 October. The block sits in the Foz do Amazonas basin, offshore Amapá, in ultra-deep water.
Refineries Near Ceiling, Diesel Cargoes Booked
Downstream, the company's refineries ran at 98% utilisation in October. Director William Franca, cited by Reuters on 30 October, expected operations to hold close to maximum capacity through November and December as well.
That maintenance-driven tightness explains the import programme now on the books. Petrobras plans to bring in 600 million litres of diesel in November to rebuild inventories drawn down during scheduled refinery stoppages, Angélica Laureano, the director responsible for logistics, marketing and markets, told reporters. The volume equates to roughly 125,000 barrels per day — below the 650 million litres booked for October but above the full-year average. Laureano said no diesel imports are expected for December.
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Domestic demand has been climbing. Petrobras sold 1.854 million barrels of oil products per day in Brazil during the third quarter of 2026, a 6.4% gain over the second quarter, the company said in its operating report.
Sirius Slips, Biomethane Tender Opens
Not every project is on schedule. The offshore gas venture Sirius, run jointly with Ecopetrol, has been pushed from a planned 2030 start to 2031. Alcindo Mortiz, president of Petrobras Colombia, attributed the delay to difficulties in the consultation process.
Longer-term supply security is getting attention too. On 30 October the company opened a tender for biomethane supply offers, with possible contracts running up to ten years and deliveries beginning in 2027. The move is intended to prepare Petrobras for obligations under Brazil's Fuel of the Future law.
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A Weaker Price Backdrop
All of this arrives against a softer oil market. Crude prices were headed for a sizeable weekly loss, Reuters reported, as results from the US midterm elections fed hopes of a de-escalation in the war waged by the US and Israel against Iran. Continued attacks on tankers, meanwhile, lent support to crude.
Investors will get the full picture on 11 November 2026, when Petrobras presents its third-quarter results — a webcast date that has been rescheduled.
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