Petrobras' Oil Production Up Nearly 8% in November

Petrobras' average oil and natural gas production in Brazil topped-out at 2,309,567 barrels of oil equivalent per day (boed) in November. This mark is 6.6% more than the previous month's (2,167,236 boe/day). Only considering oil production, the rise was 7.9% in 12 months. The Company's exclusive natural gas production in Brazil (50.7 million cubic meters per day), meanwhile, remained at the same level as that of November 2008 and October 2009.

In November, there was a slight 0.5% decrease (9,800 barrels per day) in the oil production compared to the volume lifted in October. This resulted, mainly, from the completion of the extended well testing (EWT) at the Cachalote field, in the Espírito Santo sea, which was carried out by the FPSO Seillean. The Cachalote field will start producing again in mid-2010, when FPSO Capixaba, which is capable of producing 100,000 barrels per day, will be installed in the area.

Petrobras' oil and natural gas production abroad topped-out at 247,287 barrels of oil equivalent per day (boed). The total result represents a 4.7% increase compared to a year ago, due to new production wells going on stream at the Agbami field and as a result of production being kicked-off in the Akpo field, both in Nigeria. Compared to the previous month, there was a 2% decrease on account of factors such as the preventive maintenance shutdown at the Santa Cruz II field, in Argentina.

Adding the fields in Brazil and abroad, the Company's total oil and natural gas production averaged 2,556,853 barrels of oil equivalent (boed) per day in November, 6.4% more than the same month in 2008, and 0.6% less than last October.

Natural gas production abroad was 16,374,000 cubic meters per day, 2.7% less than in the previous month. This result is due, mainly, to the decreased demand for Bolivian gas.