Brazil Petrobras Reaches Close to 2.4 Million Barrels of Oil a Day

Brazilian Petrobras Brazil's state-controlled oil company Petrobras produced an average of 1,854,748 barrels of oil per day in Brazil in December, 5.3% more than in November, when average daily extraction stood at 1,760,598 barrels. According to the company, the increase was the result of entry into operation of the P-54 platform and of the pumping of new wells at platforms P-52 and FPSO Cidade de Vitória.

The P-54 and P-52 platforms are installed in the Roncador Field, offshore in the state of Rio de Janeiro, and FPSO Cidade de Vitória is anchored in Golfinho Field, along the coast of the state of Espí­rito Santo. Both states are located in the southeast region of the country.

The company attained a new record high for production in a single day on Brazilian territory on December 25th. Extraction totaled 2,000,238 barrels, surpassing the previous record obtained on October 23rd, 2006. In the whole of last year, according to Petrobras, Brazilian fields produced an average of 1.792 million barrels per day, a 0.7% increase compared with the daily average recorded in the previous year.

Joint oil and gas production by the company in Brazil and abroad averaged 2,367,094 barrels of oil equivalent per day in December, an increase of 4.9% in comparison with November. In national fields alone, daily joint production of oil and gas was 2,143,218 barrels of oil equivalent, 5.2% more than the daily average for November.

Considering only natural gas in Brazilian fields, extraction in December totaled 45.863 million cubic meters, a 5% rise over the previous month.

Outside the country, in eight countries in which the company operates, joint production in the last month of 2007 was 223,876 barrels of oil equivalent per day, a 1.5% increase compared with November. Extraction of oil alone by Petrobras in foreign lands totaled 121,957 barrels per day last month, a figure similar to that of November.

January 14 Petrobras announced a discovery of gas and condensate abroad. The discovery took place in the exploratory well Kinteroni X1 at Block 57, located in the province of Cuzco, in Peru, where the Brazilian oil company operates in a consortium with Repsol and Burlington Resources.

According to Petrobras, the first production tests, which are still underway, revealed an outflow of 1 million cubic meters of gas and 198 cubic meters of condensates per day.



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