Brazils oil exports have surpassed agribusiness and mining in the third quarter of 2024.
This shift marks a significant change in the countrys export profile.Petrobras, the state-owned oil company, plays a crucial role in this development.
Magda Chambriard, Petrobras president, announced this achievement on Friday.She highlighted the companys dominant position in national production.
Petrobras operates nearly 90% of Brazils oil production.
Crude oil has become Brazils top export product.It has overtaken soybean meal, agribusiness, mining, and iron exports.
This change demonstrates the growing importance of the oil sector to Brazils economy.Petrobras reported a profit of R$ 32.6 billion ($5.72 billion) in the third quarter.
This represents a 22.3% increase compared to the same period last year.
The company also declared dividends of R$ 17.1 billion ($3 billion) to its shareholders.Petroleum Leads Brazils Export Landscape in Third Quarter 2024.
(Photo Internet reproduction)Chambriard described the results as solid and consistent.
She noted that they exceeded market expectations.
The companys success stems from its strategic choices in exploration, production, refining, and natural gas.Petrobras Achieves Key Operational MilestonesPetrobras has achieved several operational milestones.
In September, the Tupi Shared Deposit and Iracema area reached a cumulative production of 3 billion barrels of oil.
This marks a first for Brazil.The companys debt is at its lowest level since 2008.
Petrobras now generate 31% of Brazils primary energy.
This underscores its importance to the national energy sector.Offshore production has seen significant progress.
The FPSO Sepetiba in the Mero 2 field reached peak production in less than eight months.However, this contributed to a record total pre-salt operated production of 3.49 million barrels of oil equivalent per day.
Two new FPSOs have recently started operations.The FPSO Maria Quitria began operating in the Jubarte field on October 15.
The FPSO Marechal Duque de Caxias started in the Mero field on October 30.
These developments reflect Brazils growing prominence in the global oil market.They also highlight the countrys shift towards a more diversified export portfolio.
The oil sectors rise presents both opportunities and challenges for Brazils economic future.