Brazil's Petrobras Increased Output of Oil, Gas in 2008

RIO DE JANEIRO -- Brazilian state energy giant Petrobras produced an average of 2.4 million barrels per day of crude and natural gas at its operations inside and outside Brazil in 2008, an increase of 4.3 percent, or roughly 100,000 barrels of oil equivalent per day, compared to 2007, the company said.

In a statement sent Friday to the financial markets, Petrobras said 1.98 million bpd of the total corresponded to petroleum and condensates and that natural gas accounted for another 421,000 boe per day.

The company's average hydrocarbon output in December inside and outside Brazil was 2.44 million boe per day, exceeding November's production by 33,000 boe.

Petrobras' average domestic production of crude and gas was 2.18 million boe per day in 2008, up 5.4 percent with respect to 2007.

The state-controlled company is carrying out one of the most ambitious investment programs of any of the large energy firms, with plans to spend $112 billion between 2008 and 2012.

Of Petrobras' total consolidated production, an average of 1.98 million bpd corresponded to crude oil, 123,000 bpd of which was taken from foreign fields, where Petrobras also extracted 17 million cubic meters (600 million cubic feet) of natural gas per day.

Of the nine foreign countries where Petrobras has production activities, the company reported its largest hydrocarbons output in Argentina, with an average total of 100,037 boe per day in 2008.

Next came Bolivia with 54,500 boe per day, followed by Peru with 16,123 boe, Colombia with 15,500 boe and Ecuador with 11,357 boe.

In Venezuela, Petrobras extracted another 14,003 boe in the capacity of service provider, without control over the hydrocarbons produced.

Petrobras' international oil production fell in 2008 by 2 percent compared with the 126,000 bpd pumped in 2007, while natural gas output was down 8.2 percent and total hydrocarbons production in barrels of oil equivalent declined by 4.9 percent.

The company said the international variation was due to a drop in output at mature fields, the temporary suspension of production at Argentina's Austral Basin, the rescheduling of the drilling campaign in Venezuela, the hurricane season in the United States and maintenance work at the Guando Field in Colombia.

Petrobras shares are traded on the Sao Paulo, New York, Madrid and Buenos Aires exchanges, but the Brazilian government maintains control through a golden share.

Source:laht.com