Brazil oil production increase May 3.9%

Brazil's oil and gas production hit 4.234 million boe/d in May, with pre-salt production accounting for 78.3%. Major increase reported.

In May of this year, Brazil's oil and natural gas production reached an impressive 4.234 million barrels of oil equivalent per day (boe/d). The National Petroleum, Natural Gas, and Biofuels Agency (ANP) reported significant increases in both oil and natural gas production, as well as in pre-salt production. This exciting news was announced in Rio de Janeiro on Tuesday (Jul. 2).

Oil production in May reached 3.318 million barrels per day (bbl/d), showing a 3.9 percent increase from the previous month and a 3.6 percent increase from May 2023. Natural gas production also saw a notable increase, reaching 145.63 million cubic meters per day (m³/d), up 6.6 percent from April 2024 and 0.8 percent from May 2023.

In the pre-salt region, total production of oil and natural gas combined reached an impressive 3.314 million boe/d, representing 78.3 percent of Brazil's overall production. This marked a 5 percent increase from the previous month and a 3.7 percent increase from May 2023. Production from 145 wells contributed to this total, producing 2.599 million bbl/d of oil and 113.73 million m³/d of natural gas.

The utilization of natural gas in May was at a high of 97.6 percent, with a total of 46.75 million m³/d made available to the market. Flaring, which amounted to 3.55 million m³/d, saw a significant 9.5 percent decrease from April and a 14.2 percent drop from May 2023.

Offshore fields dominated production in May, accounting for 97.5 percent of oil production and 86.2 percent of natural gas production. Fields operated by Petrobras, either independently or in consortium with other companies, contributed a substantial 88.88 percent to the total production. A total of 6,549 wells were involved in production, with 504 offshore and 6,045 onshore.

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