The company attained a consolidated net revenue of R$ 10.1 billion for the year
BRAVA Energia reported an EBITDA of US$ 667 million in 2024, equivalent to R$ 3.5 billion, according to its 4Q24 and full-year 2024 financial statements. The consolidated net revenue for the year was R$ 10.1 billion, an increase of 44.1% compared to 2023. The company ended the quarter with reduced operating costs and a cash position of approximately US$ 1 billion. Entering 2025, BRAVA has already set production records across its assets.
Average production, which in the 2024 results was 56,000 barrels of oil per day, already surpassed 73,000 barrels per day in February, setting a new company record. The production cost (lifting cost) reported in the 4Q24 was US$ 17.5 per barrel, with particular emphasis on the onshore lifting cost, which showed a 17% reduction, compared to the previous quarter. This was driven by the best performance at the Recôncavo Complex since the acquisition of the asset.
The year 2024 was marked by, among other milestones, the operational start-up of the FPSO Atlanta. The new production system, which required US$ 1.2 billion in investment, began operating on the last day of 2024. In the first week of March, with two wells connected to the vessel, average production reached 25,600 barrels per day. The unit’s capacity is up to 50,000 barrels per day, once all six wells are connected to the FPSO.
BRAVA CEO Décio Oddone emphasized that, “2024 was the year of BRAVA’s inception and consolidation. We achieved important progress in strengthening the company and expect to reap the benefits in 2025 from the groundwork laid in 2024”.
With the start of production through the FPSO Atlanta, BRAVA became the first independent oil and gas company in Brazil to develop a deepwater production system from its initial phase. After just over 50 days in operation, the company carried out the first oil transfer, enabling the sale of one million barrels from the Atlanta Definitive System.
Also in 2024, BRAVA completed the acquisition of a 23% stake in the Abalone, Ostra and Argonauta oil fields, which make up Parque das Conchas, in the Campos Basin. The company also resumed production at Papa-Terra and maintained stable and highly efficient performance across its onshore assets.
Outlook for 2025
In February of this year, Brava’s Supervisory Board approved the execution of Phase Two of the Atlanta Definitive System, involving the drilling and interconnecting of two wells within the field. The decision also includes two new wells in Papa-Terra and an option for the development of Malombe. The campaign will begin in the fourth quarter of this year, with the first well connections expected in 2026.
In February, BRAVA also achieved an all-time production record, reaching 73,854 barrels per day. This growth is being driven by increased production at Atlanta, Papa-Terra and Parque das Conchas. Onshore assets also stood out, reaching an unprecedented production level of 35,400 barrels of oil equivalent per day, supported by CAPEX optimizations and stability, because of investments in revitalizing these mature fields.
