The state-owned Brazilian oil company Petrobras $PETR3 (+2.19%)
$PETR4 (-0.38%) reported oil, gas and liquefied natural gas production of 2.77 million barrels of oil equivalent per day (boed) in the first quarter on Tuesday, a decrease of 0.2% compared to the previous year.

Petrobras' oil production in Brazil fell 1% year-on-year to 2.21 million barrels per day (bpd), the company said, adding that the floating production vessel Almirante Tamandare (FPSO) started production in the country's Buzios field in February.

"The commissioning of the Almirante Tamandare floating production vessel is of strategic importance for Petrobras and represents a sustainable expansion of production," Renata Baruzzi, head of engineering, technology and innovation, said in Petrobras' sales and production report.

The company's results were in line with the annual forecast, which envisages a 4% deviation from the production target of 2.8 million boed.

Total sales of oil, gas and derivatives reached 2.86 million boed, the company said, representing a decrease of 1.9% compared to the first quarter of 2024.

Total exports fell by 10.4% year-on-year to around 760,000 bpd, the company said.

While exports in general declined, the share of oil exports to Asia (excluding China) increased from 10% to 33%.

In the first quarter, the company concluded an agreement with the Indian Bharat Petroleum Corporation $BPCL for the export of up to 6 million barrels of oil per year from 2025.

"The agreement strengthens the commercial relationship between Petrobras and the Indian refining sector and underlines the importance of India as a market for Brazilian oil," Petrobras said in the press release.