Petrobras June Overall Gas, Oil Output 2.421M BOE/Day

RIO DE JANEIRO (Dow Jones Newswires), July 15, 2008

Brazilian state-run oil firm Petroleo Brasileiro (PBR), or Petrobras, said Tuesday that overall domestic and international oil and gas output rose 2.3% in June from May as new platforms entered production or ramped up output.

Petrobras said that overall daily oil and gas production reached 2.421 million barrels of oil equivalent, or BOE, in June. In May, average daily output was 2.367 million BOE.

Petrobras previously disclosed that domestic oil production reached a record 1.867 million barrels a day in June, up from 1.854 million barrels in May. That topped the previous record of 1.855 million barrels a day set in December 2007.

The company attributed the record output in Brazil to new producing wells at the P-52 and P-54 platforms at the Roncador field and a platform at the Piranema field. The platforms were installed at the fields in the Campos Basin region late in 2007.

International oil production also advanced in June, climbing to daily output of 117,200 barrels a day. That was up from 112,300 barrels a day in May.

Petrobras also said that domestic natural-gas output rose to 53.4 million cubic meters a day in June, up from 49.6 million cubic meters in May.

In June, Petrobras produced 17.1 million cubic meters of natural gas outside Brazil. That was up from 15.2 million cubic meters in May.

Copyright (c) 2008 Dow Jones & Company, Inc.

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