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Brazil

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Brazil's state oil giant Petrobras is on track for future production growth as it prepares to bring new domestic offshore fields on line. It also reported a new natural gas discovery in Colombian waters. In a quarterly earnings update, Petrobras continued the industry trend of massive profits from higher commodity prices. It reported net income of 54.3 billion reals ($10.5 billion) in the second quarter of 2022, up 27% from a year earlier, and a record 87.8 billion real dividend payout. Petrobras CFO Rodrigo Araujo Alves said the results "show the resilience and solidity of the company." Adding to the positive news, Petrobras said it had confirmed a gas discovery at the deepwater Uchuva-1 exploration well on the Tayrona Block offshore Colombia that could open up a new producing region in the country. Petrobras noted several projects offshore Brazil that are due to start up this year and next. Its strategic plan foresees production growth of around 500,000 boe/d, hitting around 3.2 million boe/d by 2026 after divestments. Petrobras reported second-quarter production of 2.65 million boe/d, down 5.1% annually. It still expects output to average around 2.6 million boe/d this year.

Topic:
Earnings
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