Petrobras Oil and Gas Output Jumps 11.7% to Record High in Q3

Brazilian state-controlled oil giant Petrobras reported record oil and gas production in the third quarter of 2026, supported by rising output from major offshore developments and its highest operational efficiency levels in nearly eight years.

The company produced an average of 3.512 million barrels of oil equivalent per day (boe/d), including crude oil, natural gas liquids, and natural gas, representing an 11.7% increase from the same period last year and a 5.3% rise from the second quarter of 2026.

Petrobras attributed the growth primarily to production ramp-ups at the P-78 and P-79 floating production, storage and offloading (FPSO) units in the Búzios field and the Alexandre de Gusmão FPSO in the Mero field, both located in Brazil's prolific Santos Basin.

Improved equipment reliability and fewer maintenance-related disruptions also contributed to the results, with operational efficiency reaching its highest level since the fourth quarter of 2018.

Petrobras' own pre-salt production reached a record 2.96 million boe/d, up from 2.78 million boe/d in the previous quarter. Total operated production, which includes volumes attributable to partners, climbed to a record 5.08 million boe/d, while operated pre-salt output reached 4.46 million boe/d.

The company brought 12 new producing wells online during the quarter, split evenly between the Campos and Santos basins.

At the Mero field, the Alexandre de Gusmão FPSO reached its original design capacity of 180,000 barrels per day in August before achieving a new daily production peak of 190,000 barrels in September following a capacity expansion.

The Mero field's platforms collectively produced an average of 760,000 barrels per day during the quarter, making it Brazil's third-largest producing oilfield behind Búzios and Tupi.

Meanwhile, the Almirante Tamandaré FPSO at Búzios achieved a record monthly average of 263,000 barrels per day in July, retaining its position as Brazil's highest-producing offshore platform.

Petrobras is preparing for further growth at Búzios, with the P-80 and P-82 FPSOs departing Singapore for Brazil on September 30 and October 18, respectively. Both platforms are scheduled to begin operations in 2027 and each has a nominal oil production capacity of 225,000 barrels per day.

The additional capacity highlights the central role of Brazil's deepwater pre-salt reserves in Petrobras' production expansion strategy.

The company's downstream operations also delivered strong results. Domestic refined product sales reached 1.854 million barrels per day, up 6.4% from the previous quarter and the highest level since the third quarter of 2021. The figure also represented the strongest performance under Petrobras' current refining configuration.