By Brazil Stock Guide – Brava Energia (B3: BRAV3) reported preliminary production of 81,642 barrels of oil equivalent per day in August, a 1.2% decline from July, as weaker offshore output offset gains from its onshore portfolio. The figures are preliminary and unaudited, according to a company filing released Thursday.
Offshore production fell 2% to 51,917 boe/d from 52,991 boe/d in July. Onshore output increased 0.4% to 29,725 boe/d from 29,602 boe/d.
Brava Energia’s oil production declined 1.6% month over month to 62,481 barrels a day, while natural gas output was little changed at 19,161 boe/d, compared with 19,114 boe/d in July.
Papa-Terra weighs on offshore output
The Papa-Terra field was the main drag on Brava Energia’s August production. Oil output attributable to the company’s 62.5% stake fell to 7,927 barrels a day from 10,180 barrels a day in July, a decline of about 22%.
Brava Energia said the monthly performance reflected the impact of a scheduled shutdown completed on Aug. 7. The company said Papa-Terra has since returned to normalized production levels.
The decline was partly offset by stronger output at Parque das Conchas, where Brava Energia holds a 23% non-operated stake. Oil production attributable to the company rose to 8,095 barrels a day from 6,232 barrels a day in July, an increase of almost 30%.
At Atlanta, Brava Energia’s 80% interest produced 24,366 barrels of oil a day, down from 24,942 barrels a day in July. Recôncavo oil production fell to 2,570 barrels a day from 2,715 barrels a day.
Potiguar recovery continues
Oil production at Potiguar increased to 19,248 barrels a day from 19,072 barrels a day, while gas output rose to 1,672 boe/d from 1,646 boe/d. Brava Energia said the recovery process continues to advance as steam reinjection volumes are progressively increased.
Gas production at Recôncavo increased to 6,235 boe/d from 6,170 boe/d. About 27% of the gas produced at the asset in August was reinjected, according to Brava Energia.
Brava Energia’s overall August production was broadly in line with the second-quarter average of 81,685 boe/d and remained above the first-quarter average of 75,999 boe/d.
Brava Energia operates the Potiguar, Recôncavo, Papa-Terra, Atlanta and Peroá assets. It also holds non-operated stakes of 35% in Pescada, 45% in Manati and 23% in Parque das Conchas. Pescada and Manati are operated by Petrobras, while Parque das Conchas is operated by Shell.
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