Petrobras' Oil, Gas '08 Production Up 5.4% from 2007 Levels

Petrobras’ oil and natural gas production in Brazil in barrels of oil equivalent (boe) in 2008 was 2,175,896 barrels per day, 5.4% more than in 2007. Exclusive oil production averaged 1,854,655 barrels, a 3.5% increase over a year ago, while natural gas production topped-out at 51 million cubic meters per day, 17.8% above last year’s average.

Adding the volume produced in the fields located in the nine countries where Petrobras has production activities, the Company's total daily average rose to 2,399,958 barrels of oil and natural gas in barrels of oil equivalent (boe), up 4.3% compared to the 2007 average.

Oil production was 123,635 barrels per day, while 17.063 cubic meters of natural gas were produced daily abroad in 2008, 2% and 8.2% lower than 2007, respectively. Total production in barrels of oil equivalent overseas reached 224,062 barrels of oil equivalent per day, 4.9% less than last year.

The international variation resulted from factors such as decreased production in mature fields and temporary production suspension in the Austral Basin, in Argentina; date rescheduling in the well-drilling campaign in Venezuela; the hurricane season in the United States; and maintenance work done in the Guando Field, in Colombia.

The following daily production averages were registered in Brazil in December 2008:

  • 1,875,514 barrels of oil per day, a 1.7% increase compared to the previous month, and 1.1% more than a year earlier;
  • 52.257 million cubic meters of natural gas, a 1.9% growth over the previous month and up 13.9% compared to December 2007.
  • 2,204,203 barrels of oil equivalent (oil and gas), 2.8% more than a year ago and 1.7% higher than November 2008.