Petrobras reported record oil and gas production in the second quarter of 2026, as new floating production units and stronger operational performance boosted upstream volumes while the company’s refineries operated at their highest utilization rate on record.
The Brazilian state-controlled producer said its average equity production of oil, natural gas liquids, and natural gas reached 3.34 million barrels of oil equivalent per day (boe/d) during the quarter. That was 14.1% higher than a year earlier and 3.4% above the first quarter, setting a new company record.
The increase was driven by improved operating efficiency and production ramp-ups at the Maria Quitéria FPSO in the Jubarte field, the Alexandre de Gusmão FPSO in the Mero field, the P-78 unit, and the startup of the P-79 platform at the giant Búzios field in Brazil’s pre-salt Santos Basin. Petrobras said these gains were partly offset by natural declines at mature fields.
During the quarter, Petrobras brought 10 new production wells online, including four in the Campos Basin and six in the Santos Basin.
Búzios continued to underpin the company’s production growth. The field’s platforms exceeded 1.1 million barrels per day of production on June 23 before reaching 1.2 million bpd three days later, while average monthly production surpassed 1 million bpd for the first time in June. Petrobras said the P-79 platform entered production on May 1, three months ahead of the schedule outlined in its current business plan. The unit has capacity to produce 180,000 bpd of oil and compress 7.2 million cubic meters of gas per day, increasing installed production capacity at Búzios to about 1.33 million bpd.
The company also reported that the Almirante Tamandaré FPSO recorded average oil production of 253,000 bpd in June, making it Brazil’s highest-producing offshore platform.
Mero averaged around 740,000 bpd during the quarter, while Petrobras said other Santos Basin assets, including Tupi, Sépia, Atapu, Itapu, Sapinhoá, and Berbigão, maintained stable production levels despite no new production systems entering service.
In downstream operations, Petrobras said refinery utilization reached a record 101.2%, surpassing the previous high set in 2014. The company attributed the performance to high operational availability, allowing it to expand domestic fuel supply amid ongoing geopolitical uncertainty while reducing imports of refined products to 67,000 bpd, the lowest quarterly level on record.
Refined product output rose to 1.918 million bpd, up 10.9% from a year earlier and 5.6% from the first quarter. Diesel S10 and jet fuel production both reached quarterly records, while diesel, jet fuel, and gasoline accounted for 68% of total refinery output.
