By Brazil Stock Guide – Brava Energia S.A. (B3: BRAV3) lifted its average daily output to 92,400 barrels of oil equivalent (boe) in August, a 1.6% increase from July. This marked the company’s second straight record, driven by offshore gains and a new peak at the Atlanta field.
Gross output climbed to 92,400 boe/d from 90,900 in July, with onshore volumes steady at 34,900 boe/d and offshore rising to 57,500 boe/d. Oil production held at 73,700 barrels a day, while natural gas jumped 7.4% to 18,700 boe/d. Atlanta, operated by Brava, advanced from 28,200 to 30,100 barrels a day, cementing its role as the main growth driver.
The company said the field’s performance shows operational consistency and strengthens its offshore expansion strategy.
The results put Brava on an accelerated growth path as Brazil consolidates pre-salt output and maximizes mature onshore assets. The inclusion of volumes from Jubarte, following the Production Individualization Agreement (AIP) approved by the ANP in August, will add new flows through the Parque das Conchas consortium, operated by Shell.
Meanwhile, a shareholder dispute at the Papa-Terra field remains in arbitration. 3R Offshore has challenged Nova Tecnica Energy’s stake after default led to a forfeiture in 2024. An arbitral tribunal ruled provisionally that NTE must cover its share of costs until a final decision.
Risks
Atlanta and Peroá led the gains, while Papa-Terra saw a temporary dip due to offloading adjustments in early August. Output has since normalized. On the gas side, Peroá, Manati and Pescada rose to 7,500 boe/d. In the Recôncavo basin, 27% of gas was reinjected.
Investors are now watching the integration of Jubarte’s AIP and the arbitration outcome at Papa-Terra, both of which could shift production trends. Brava is expected to sustain levels above 90,000 boe/d through year-end, highlighting the growing role of independents in Brazil’s oil market.
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