Petrobras Increases Production with Perez Acquisition

The Argentinean Authorities authorized the selling of the company Perez Companc to Petrobras on May 13th 2003. Thanks to this approval, Petrobras communicated that the company's total oil and natural gas production reached a record level of 2 million and 43 thousand barrels of oil equivalent per day (boe/d) for Brazil and abroad during the 1st quarter of 2003. This brings Petrobras to the world's select group of open capital oil companies that produce over 2 million boe/d. This historical production record was essentially achieved thanks to the production increase, which amounted to 1 million 896 thousand boe/d during the 1st quarter of 2003, and thanks to the incorporation of the Perez Companc input of 147 thousand boe/d for the same period. With this new level of production, compared to 1 million 8 thousand boe/d in 1996, Petrobras succeeded in doubling its total oil and natural gas production over a period of a little over six years.