Petrobras' O&G Production Up 3.5% in February

Petrobras' average oil and natural gas production in Brazil and abroad in February topped-out at 2,560,490 barrels of oil equivalent per day (boed). This was 3.5% more than a year ago (2,474,680 boed) and 1.4% above the total volume lifted last January.

Only figuring-in the fields located in Brazil, Petrobras' average oil and natural gas production reached 2,312,208 barrels of oil equivalent per day (boed), 2.9 % more than a year ago (2.247.707 boed) and 1.2% compared to January. Exclusive oil production in the domestic fields, 1,987,556 barrels per day, was 2.4% higher than a year ago (1,940,412), and 0.7% above the volume produced last January (1,972,782). The 15,000 barrel increase resulted from platforms that had been shutdown for maintenance in January going back on stream.

The volume of oil and natural gas coming from fields where Petrobras has operations abroad reached 248,282 boed in February, 9.4% more than a year earlier. Production going on stream in the Akpo field and in new wells in the Agbami field, both in Nigeria, in addition to improved operating efficiency in the United States, contributed to this result. Compared to January 2010, the volume was 2.9% higher due to improved operating efficiency at the Akpo field, in Nigeria.

Natural gas production in the domestic fields topped at 51,616 million cubic meters per day in February, 4% more than the previous month's and 5,6% more than a year ago. Natural gas production abroad was 16,455 million cubic meters, a 3.4% increase over January, on account of the greater demand for Bolivian gas. Compared with February 2009, however, there was a 2.4% decrease due to the natural decline in some fields in Argentina.