LatinNews Daily - 8 November 2024

*Brazilian state-controlled oil company Petrobras has released its earnings report for the third quarter, which showed a net profit of R$32.56bn (US$5.72bn), in contrast to the net loss of R$2.61bn registered in the second quarter. In year-on-year terms, the latest quarterly profit was up 22.3% compared to the R$26.63bn registered in Q3 last year. The accumulated net profit for the first three quarters of 2024 totalled R$53.65bn, down 42.7% from the R$93.56bn recorded in January-September 2023. The oil giant has also invested US$4.45bn in its operations in Q3, up 31.3% from both the previous quarter and the same quarter in 2023. Most of this investment has been allocated for exploration and production, with US$3.77bn invested in production facilities in pre-salt oil deposits, such as the Campos and Santos basins near Brazil’s south-eastern coasts. In a press release, Petrobras also highlighted the start of operations in October of some new offshore processing units. On 30 October the Mero 3 unit began producing oil and gas in the Santos basin. The Maria Quitéria unit in the Campos basin, which was due to become operational in 2025, was ready earlier than expected and started oil production on 15 October.