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Brazil Reiterates It Will Reach Oil Self-Sufficiency in 2005

Petrobras – Petróleo Brasileiro S.A. – reports that although it will not reach its target of a daily average production rate of 1,580,000 barrels this year, the company did register an increase in net profits of 43%, reaching US$ 1.9 billion (5.4 billion reais).

Production for the year will be 2.5% less than originally forecast due to a series of mantenance problems with oil rigs in the Campos basin off the coast of the state of Rio de Janeiro (where 80% of domestic production comes from).

Even so, Petrobras still intends to reach self-sufficiency in petroleum production next year, as planned, says Guilherme Estrela, director of Exploration and Production. That means daily average production will have to rise to 1,720,000 barrels.

Estrela reports that this year the firm invested a total of US$5.4 billion (R$15.07 billion), of which 66% was in his area.

In other news from Petrobras, the corporation’s third quarter report, which was just released, shows that domestic sales of diesel, gasoline, kerosene and LPG have risen 6%, compared to the second quarter, and 7%, compared to the third quarter of 2003.

Agência Brasil
Translator: Allen Bennett


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