PetroReconcavo Output Holds Flat in August

PetroReconcavo averaged 23,797 barrels of oil equivalent per day in August, remaining virtually flat compared with July. Brokerages XP Investimentos and Itaú BBA viewed the print as neutral on 9 September 2026, noting that higher crude oil output was offset by lower natural gas volumes.

In Bahia, total production reached 12,000 boed, up 2% month on month. Oil production grew 5% after workovers returned wells in Remanso, Miranga, and Tiê, while gas output fell 1% due to an unscheduled compressor shutdown in Remanso. In Potiguar, overall volume dropped 2% from July to 11,800 boed, with oil down 1% and gas down 3% on lower output from the Sabiá field. XP highlighted that total oil sales reached 447,000 barrels, matching August production.

Itaú BBA noted that year-to-date production tracks roughly 5% below 2026 proved reserves estimates, delaying an operational turning point. The bank maintained a market perform rating on PetroReconcavo with a price target of 12 Brazilian reais for year-end 2027, implying 6.6% upside over its 8 September closing price.