Petrobras Increases 2003 Domestic Oil Production 2.7%

Brazil's federal energy company Petrobras increased its domestic production of oil and natural gas liquids (NGLs) to an average of 1.54 million barrels of oil a day (mb/d) in 2003, 2.67% more than 2002, the company said in a statement Wednesday.

Output from the Campos basin increased 2.86% to 1.22mb/d and overall offshore production increased 2.74% to 1.26mb/d. International production increased to 160,900b/d from just 35,300b/d in 2002 because of the takeover of Argentina's Pecom Energia, now known as Petrobras Energia. Argentina accounted for 45.3% of international production, followed by Venezuela (24.4%), Colombia (9.28%), Angola (7.64%), Peru (7.22%), Bolivia (3.03%), Ecuador (2.28%) and the US (0.81%).

Natural gas production in Brazil fell 0.54% to 39.8 million cubic meters a day (mcm/d) in 2003 from 2002. Campos basin production fell 4.76% to 17.4mcm/d and overall offshore production fell 6.4% to 22.4mcm/d. International production was 14.4mcm/d, of which 56.5% came from Argentina and 31.2% from Bolivia. Overall production of oil, NGLs and natural gas was 2.04 million barrels of oil equivalent (mboe/d), 12.5% more than the 1.81mboe/d in 2002.

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