Labor Strike at Brazil’s Petrobras Making no Difference to Bottom Line

Brazilian Petrobras rig Brazilian oil government controlled multinational Petrobras announced on Tuesday that total production (domestic and abroad) in June reached a record of 2.412.155 barrels of oil equivalent per day, boed, which is 3.3% higher than a year ago and 2.3% over May 2008.

Overseas oil and gas production was 218.117 boed in June, 8.1% more than the previous month. Of this total volume 204.171 barrels originated from companies Petrobras controls, while 13.946 barrels from associated companies.

Petrobras domestic oil production in June also set a monthly record, with a volume of 1.867.336 bpd, 4.2% above the 2007 average. Petrobras' natural gas production in Brazil and abroad was 70.517.000 cubic meters per day, 12.1% more than a year ago and 8.9% over May. Natural gas production in Brazil was 53,372,000 cubic meters/day in June, 24.1% more than a year ago and a 7.7% rise over May (49,554,000 cubic meters).

In related news a Brazilian senior officer said on Tuesday, July 15, the strike by offshore oil workers in Brazil could be settled before its scheduled end on Friday.

Presidential aide Luiz Dulci said Petrobras could reach agreement with striking workers "in the next few days". Speaking to reporters Dulci also said the strike poses no threat of fuel shortages. Concerns about supply cuts helped push international oil prices higher as the strike started on Monday.

Petrobras spokesman Celso Mansur said Tuesday that output already "is totally normalized."

"Contingency workers – supervisors and team coordinators – managed to get production back to normal," he said, adding that the company's output on Monday dropped by only 63,000 barrels.

The Sindipetro-NF oil union said in a statement that workers on 33 rigs had walked off their jobs, but did not provide figures on how much oil was being pumped by the contingency workers.

The strikers are demanding an extra day off at the end of each two-week shift on the platforms.

Mercopress

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