Petrobras Touts Increase in Brazilian Oil Production

Petrobras' average oil and natural gas production in Brazil and abroad topped-out at 2,556,002 barrels of oil equivalent per day (boed) last March, 0.7% more than a year ago (2,537,873 boed) and at the same level as the total volume lifted last February (2,560,490 boed). 

Only figuring-in the fields located in Brazil, Petrobras' average oil and natural gas production reached 2,309,095 barrels of oil equivalent per day (boed), at the same level as the production of March 2009 and February 2010. The exclusive oil production of the domestic fields was 1,993,763 barrels/day, 6,207 barrels/day more than the volume lifted in February (1,987,556 b/d) and 1,829 barrels/day above the production of March 2009. The extended well test for the Tiro field went into production in March by means of the SS-11 semisubmersible platform, which is capable of producing 20,000 barrels per day. 

The volume of oil and gas coming from fields where Petrobras has operations abroad reached 246,907 (boed) in March, 10.9% more than a year earlier. Production going on stream in the Akpo field and in new wells in the Agbami field, both in Nigeria, contributed to this result. Compared to February 2010, the volume decreased 0.6% on account of the reclassification of the costs for 2009 and for the two first months of 2010, both in the Akpo field. The more expensive oil barrel, which had a negative impact on Petrobras' production, both in Akpo and in Agbami, also contributed to this result.

Natural gas production in the domestic fields topped at 50.134 million cubic meters per day in March, practically the same as a month and a year earlier. Natural gas production abroad was 16.530 million cubic meters, a 0.5% increase over February, and 0.9% compared to March 2009. This result is due, mainly, to the greater demand for Bolivian gas.