Petrobras (PBR) reports a production milestone at the FPSO Almirante Tamandaré in the Búzios field. The unit reached a record instantaneous flow of 270,000 barrels of oil per day (bpd), with October’s average exceeding 250,000 bpd. The platform’s nominal capacity is 225,000 bpd, and it was designed to allow up to 270,000 bpd at certain times without additional works.
The FPSO, chartered from SBM Offshore, is part of the Búzios 7 Project. Petrobras states this sixth system will help the Búzios field reach 1 million bpd by the end of this year. The company attributes the higher output to efficiency actions conducted under strict safety protocols and with regulatory approvals. The Búzios 7 Project will receive the OTC Brasil Distinguished Achievement Award for Companies this week.
Petrobras reported strong 3Q25 operating performance. Total production of oil, NGL and natural gas reached 3.14 MMboed, up 7.6% versus 2Q25 and 16.4% versus 3Q24, driven by peak output at FPSO Almirante Tamandaré in Búzios and higher capacity at FPSO Marechal Duque de Caxias in Mero, plus ramp-ups at Maria Quitéria, Anita Garibaldi, Anna Nery and Alexandre de Gusmão. Total operated production hit a record 4.54 MMboed. Oil exports set a record at 814 Mbpd.
Refining remained robust with a 94% utilization factor and oil products output of 1,790 Mbpd; higher value-added products were 69% of volume. Domestic oil products sales were 1,804 Mbpd, with diesel up 12.2% and S10 diesel at 67.8% of the quarter. P-78 arrived at Búzios with 180 Mbpd oil capacity and 7.2 MMm³/d gas compression; first oil is scheduled for 4Q25. Almirante Tamandaré reached 225 Mbpd on Aug 14 and 250 Mbpd on Oct 9, as authorized. Natural gas sales were 46 MMm³/d (+7.0% q/q). 9M25 GHG emissions (O&G) were 35.03 Mt CO₂e versus 32.4 in 9M24, while E&P intensity held at 14.8 kgCO₂e/boe.
Petrobras reported it secured both blocks it bid for in Brazil’s 3rd Cycle of the ANP Permanent Production Sharing Offer, expanding its position in the Campos Basin. The company will operate the Jaspe block with a 60% stake alongside Equinor at 40%, and fully acquired the Citrino block with a 100% stake.
The signing bonus payable in March 2026 totals R$ 37,029,860.78, including R$ 31,340,425.45 tied to Jaspe and R$ 5,689,435.33 tied to Citrino. The ANP awarded blocks based on the percentage of surplus oil for the Federal Union, which was 32.85% for Jaspe and 31.19% for Citrino. Petrobras stated the awards align with its long-term strategy in ultra-deepwater operations and enhance reserve replenishment. The company added nearly 2,300 km² of exploratory area to its portfolio.
Petrobras signed an Expenses and Volumes Equalization Agreement (AEGV) with PPSA tied to the Jubarte pre-salt shared reservoir and will pay R$ 1.54 billion in a single installment by the end of October.
Of this amount, R$ 1.47 billion was already provisioned in the company’s 2Q25 financial statements, indicating most of the impact was recognized earlier. The AEGV stems from the Production Individualization Agreement (AIP) approved by Brazil’s ANP, which defined the proportional shares of each company in the reservoir.
Petrobras notes that equalization covers revenues, investments, operating expenses, royalties, and special participation for the period from August 6, 1998 to July 31, 2025. Negotiations with Argonauta Field partners—Shell Brasil, Enauta (Brava), and ONGC Campos—are ongoing and will be disclosed upon conclusion.
Petróleo Brasileiro S.A. – Petrobras filed a report stating it will release its 3Q25 Production and Sales Report on October 24, 2025 and its 3Q25 Financial Results on November 6, 2025, both after markets close. On November 7, 2025, the company will host a webcast to present third-quarter 2025 results, offered in Portuguese with simultaneous English translation. The webcast is scheduled for 11:30 a.m. Brasília time, 9:30 a.m. New York time, and 2:30 p.m. London time, and investor relations contact details and website links are provided for further information.
Petróleo Brasileiro S.A. – Petrobras is paying the second installment of shareholder remuneration related to its March 31, 2025 balance sheet. The gross amount distributed is R$ 0.45458309 per outstanding common and preferred share, with R$ 0.30844749 as dividends and R$ 0.14613560 as interest on equity.
The payment is made on September 22, 2025 via Banco Bradesco for book-entry shares and via brokers for shareholders with custody in B3. Holders of ADRs on the NYSE will receive payment from JP Morgan Chase starting September 29, 2025. Rights not claimed within three years from September 22, 2025 will lapse and revert to Petrobras.
Petróleo Brasileiro S.A. – Petrobras has completed the acquisition of a 27.5% stake in Block 4, an offshore exploratory block in São Tomé and Príncipe, Africa, joining a consortium led by Shell (30%), along with Galp (27.5%) and ANP-STP (15%).
The company has been active in São Tomé and Príncipe since February 2024, when it acquired stakes in Blocks 10, 11 and 13, and describes this new deal as strengthening its exploratory activities in Africa and supporting portfolio diversification. Petrobras states that the transaction aligns with its 2025–2029 Strategic Plan, aiming to replenish oil and gas reserves through exploration of new frontiers and partnerships, and that all internal governance procedures were followed.
Petróleo Brasileiro S.A. – Petrobras filed a Form 6-K that is incorporated by reference into its and Petrobras Global Finance B.V.’s Form F-3 shelf registration and related prospectus supplement dated September 3, 2025. The filing mainly provides exhibits tied to new debt securities.
The exhibits include guaranties for notes due 2030 and 2036, seventh and eighth supplemental indentures, and forms of 5.125% Global Notes due 2030 and 6.250% Global Notes due 2036, together with legal opinions from Petrobras’ internal counsel, Cleary Gottlieb Steen & Hamilton LLP, and Heussen B.V.
Petróleo Brasileiro S.A. – Petrobras submitted a Form 6-K as a foreign private issuer. The filing states that this report is incorporated by reference into the company’s existing Registration Statement on Form F-3 (No. 333-283981) for Petrobras and Petrobras Global Finance B.V. and into the related prospectus supplement dated September 3, 2025. The Form 6-K includes Exhibit 1.1, which is an underwriting agreement, and is executed on behalf of Petrobras by attorneys-in-fact Andre Gameiro Rua and Lucas Tavares de Mello.
Petróleo Brasileiro S.A. – Petrobras reports that its wholly owned financing subsidiary, Petrobras Global Finance B.V. (PGF), has launched an offering of two new series of U.S. dollar-denominated global notes in international capital markets, subject to market and other conditions. The notes will be unsecured obligations of PGF and will be fully, unconditionally and irrevocably guaranteed by Petrobras.
PGF plans to use the net proceeds from the sale of the notes for general corporate purposes. The transaction is being conducted under an effective registration statement filed with the U.S. Securities and Exchange Commission, with a prospectus and preliminary prospectus supplement available through EDGAR and the joint bookrunners. The notes are targeted at qualified and professional investors and are not intended to be offered or sold to retail investors in the European Economic Area or the United Kingdom, reflecting regional investor protection regulations.