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:

You May Also Like

A National Program for the Poor in Brazil Is Helping São Paulo Curb Its Favelas

One of the good effects of Bolsa Família (BOAsa fumMEElia) – a monthly allowance ...

Brazil Makes a Push to Become Wheat Self-Sufficient

Main ingredient of pãozinho (crusty French bun), present on the tables of most Brazilian ...

Brazil Burns Native Vegetation for Firewood Accelerating Desertification

Brazil’s Ministry of Environment (MMA) launched the primer, "Learning about the PAN-Brasil: the National ...

Sí£o Tomí© and Prí­ncipe Adopts Brazil’s School Grant Program

After four years spent organizing the School Grant Program in poor communities of the ...

Lula Bets World Cup Final Will Be Mercosur’s: Brazil, Argentina, Uruguay and Paraguay

The president of Brazil, Luiz Inácio Lula da Silva, says that he expects the ...

Brazil Cracks Down on Amazon Deforestation with US$ 276 Million Fine

Brazil has taken a pro-active approach against the Amazon deforestation and has started punishing ...

Jet Vetoed by US Is Not Attack Plane, Says Brazil’s Embraer

The president of the Brazilian Aeronautics Company (Embraer), MaurÀ­cio Botelho, affirmed on Friday, January ...

Brazil Denies Charges of Orange Juice Dumping and Might Go to WTO Against US

Brazilian exports of concentrated orange juice to the United States are worth around US$ ...

Brazil Blackout Hit 50 Million, 18 States and Gave Weapon to Opposition

Itaipu, the world's largest operational hydroelectric dam,  which on Tuesday caused a four hour ...

Brazil’s Petrobras Teaches Social Responsibility in London

The Brazilian Petroleum Institute, Pro-Natura International hosted the first Brazilian workshop on Corporate Social ...