Brazilian national oil company Petróleo Brasileiro SA, aka Petrobras, managed to avoid expensive LNG imports during the first quarter amid historically high reservoir levels at the country’s hydroelectric dams.


The majority state-owned firm sourced 63% of its gas supply from domestic production and 37% via pipeline imports from Bolivia during the first quarter.

In 1Q2022, by comparison, Petrobras sourced 15% of its gas supply from liquefied natural gas imports, with domestic production and Bolivia imports accounting for 55% and 29%, respectively.

Petrobras reported natural gas sales volumes of 50 million cubic meters (1.77 Bcf)/d during the first quarter, down from 66 MMcm (2.33 Bcf)/d last year.

“Two factors explain this drop,” said Petrobras’ Mauricio...