On the production front, Petrobras reported a quarterly production record with output reaching 3.23 million barrels of oil equivalent per day. The P-79 platform at the Búzios field in the Santos Basin began production on May 1, ahead of schedule. The floating production, storage and offloading vessel has capacity to process 180,000 barrels of oil per day and compress 7.2 million cubic meters of gas daily. The unit increases installed production capacity at Búzios to approximately 1.33 million barrels per day. The platform is the eighth operational unit at Búzios, Brazil’s largest oil field by reserves, which surpassed 1 million barrels per day in 2025. The 345-meter long, 180-meter tall platform incorporates new design features targeting emission reductions and improved operational efficiency. It operates 14 wells comprising eight producers and six injectors. The Búzios consortium includes Petrobras as operator alongside Chinese partners CNOOC and CNODC, plus PPSA, which manages production-sharing contracts.
Petrobras also formalized its decision not to exercise preemptive and tag-along rights following Novonor’s sale of its Braskem stake to the Shine I FIP investment fund. The company signed a new shareholders agreement with Shine establishing shared control and equal board representation at the petrochemical producer. Petrobras maintains 36.1 percent of Braskem’s total capital and 47 percent of voting capital.
This article was curated and published as part of our South American energy market coverage.
