Brazil’s Petrobras Invests Record US$ 40 Billion, a 33% Boost

Marlin Oil field in BrazilPetrobras, the state-controlled oil and gas multinational, ended 2009 with a net profit of 28.9 billion Brazilian reais (US$ 16.1 billion), a result 12% lower than the 32.9 billion reais (US$ 18.4 billion) recorded in 2008.

The data were disclosed last week by the company’s Finance and Investor Relations director, Almir Barbassa, who ascribed the decrease to the 36% decline in price of the Brent oil barrel (heavy).

From January until December 2009, total oil and natural gas equivalent production increased by 5%, having attained a daily average of 2,526 million barrels per day. The result was boosted by rising production at the P-52 and P-54 platforms, in the Roncador field, and of the P-53 platform, in the Marlim Leste field.

The increase in production, coupled with a 23% decline in derivatives imports, led the company to record a foreign trade surplus of 156,000 barrels per day and US$ 2.9 billion.

A highlight among products whose imports decreased was diesel oil, due to the reduction in demand and the increase in production in the country.

Last year, Petrobras invested 70.757 billion reais (US$ 39.6 billion), a record-high figure for the company, according to a letter from the chairman of Petrobras, José Sérgio Gabrielli.

The figure represents growth of 33% in comparison with the funds invested in 2008. Investment was allocated to expansion of future oil and natural gas production capacity at refineries.

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Young Indians Threaten to Demarcate Land If Brazil Doesn’t Do It

About 300 young people from the Tupinambá, Pataxó Hã-Hã-Hãe, Pataxó and Tuxá (state of ...

Brazil to Build Nuclear Submarine with France’s Help

The Defense minister of Brazil, Nelson Jobim, announced Monday, December 22, an agreement with ...

Odd Bedfellows

Looking at the range of Lula’s backers one cannot help recalling Robert Browning’s poem ...

President Dilma Can Get a Place in History by Having Rich and Poor Kids in the Best Schools

In her first post-election speech, President-elect Dilma Rousseff made a commitment to eradicating misery. ...

Brazil Is World’s 13th in GNI, But 86th in PPP

Mexico and Brazil figure as the leading Latinamerican economies and ranked ten and thirteen ...

108,000 Firearms Turned In by Brazilians

Brazil’s NGO, Viva Rio, celebrated its Disarmament Campaign Day yesterday with demonstrations throughout the ...

UN Gathers LatAm Leaders in Brazil to Accelerate Fight on Poverty

With three quarters of the world’s 852 million men and women who suffer from ...

Brazil Gets a 4 for Corruption. Worse than Botswana, But Better than Haiti.

Chile, Uruguay and Costa Rica figure with the best qualifications among Latinamerican countries in ...

Brazilian community paper printed in the US East Coast

Brazil – Many Emigrants, Fewer Immigrants

In the late 19th and early 20th centuries an estimated 3.5 million people from ...

Brazil Adopts Swift’s Modest Proposal Condemning Children to Slow Death

In 1729, the writer Jonathan Swift presented what he called “A Modest Proposal” to ...