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.

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