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Petrobras’ Record Production Surge: Can Búzios Keep The Momentum Alive?

Petrobras presented operational and financial results for the first quarter of 2026 marked by record production levels and significant progress in capacity expansion projects. Average oil production reached 2.58 million barrels per day (bpd) during the quarter, with April 2026 deliveries surpassing this figure at 2.73 million bpd, representing a 30% increase compared to 2024. A substantial portion of this production, about 2.18 million bpd, originates from the pre-salt layer, with the Búzios deepwater field highlighted as the largest deepwater oil field globally. The ramp-up of new platforms such as P-78 and P-79 at Búzios was three months ahead of schedule, each with a capacity to produce 180,000 bpd, and additional rigs are under construction to further increase capacity. Refining operations also showed improvement, with refinery utilization reaching 97.4% in March, the highest level since 2014.