Brazil’s Petrobras Celebrates Records in Production and Stock Price

The total oil and gas production by Petrobras, Brazil’s state owned oil company, increased by 10% last year, in relation to 2004, reaching average of 2.216 million barrels of oil equivalent per day (BOE).

According to information released Monday, January 16, by the Petrobras press advisory, throughout 2005, the company broke 11 records of production per day.

Of the total produced in 2005, about 1.957 million daily barrels were produced in average by the oil giant in Brazil and 258,737 barrels per day abroad.

The oil production average in Brazil was of 1.684 million barrels, in 2005, showing an increase in 12.8% in comparison to 2004. Outside Brazil, the oil production average added up to 162,831 barrels, placing itself 3.3% lower than the result registered in 2004.

According to the company’s spokesman, the performance in Brazilian territory is due to the increase in production at the Campos Basin off the coast of Rio de Janeiro state, in southeastern Brazil.

The company also broke Monday, January 16, for the first time in its history, the milestone of R$ 200 billion (about US$ 87.8 billion) in market value in the São Paulo Stock Exchange (Bovespa), reaching US$ 89.77 billion in capitalization. The announcement was made by the Bovespa, in Rio de Janeiro.

According to another statement to the press, for every barrel of oil produced by the company in 2005, their reserves increased in 1.31 barrel. With this, Petrobras affirms to have closed 2005 with a relation between reserve and production of 19.7 years.

This, according to the company, means that with the current reserves and production levels, the company may carry on producing oil and natural gas during 19.7 years before these resources finish.

ABr

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