Brazil’s Petrobras Net Revenue Grows 24%

    Petrobras, the Brazilian state-owned oil company, had consolidated net revenues of R$ 28.9 billion (approximately US$ 11.7 billion, in current figures) in the first quarter of this year, with growth of 24%, or R$ 5.7 billion (around US$ 2.3 billion), greater than in the same period last year.

    The increase of oil derivatives on the domestic market, of oil prices on the foreign market and the beginning of oil exploration in Libya are pointed out in the company financial report as factors generating the increase in net revenues.


    According to the Petrobras Financial Area and Market Relations director, José Gabrielli, the growth of the Brazilian economy, although at slower rates than last year, helped generate this performance.


    In the first three months of the year, Petrobras exported 396,000 barrels a day and imported 368,900 barrels, generating a surplus of around 27,000 barrels a day.


    The company has also constantly been breaking production records. Average production in the first quarter of the year was 1.543 million barrels.


    On May 12th, however, the company reached peak production of 1.819 million barrels. For the first time, the 1.8 million barrel barrier was broken, reaching a level close to Brazilian consumption.


    However, according to Gabrielli, it is not yet possible to say that the country has reached self-sufficiency, as the company considers average production. According to the director, in April, average production was 1.704 million barrels a day.


    “This is a very substantial and important increase for the company. It is strongly aided by the entry into operation of the P-43 and P-48 platforms,” he explained.


    The platforms, which started operating in February, are part of the Barracuda and Caratinga projects, in Campos Basin, in the southeastern Brazilian state of Rio de Janeiro.


    The Petrobras Exploration and Production executive manager, Paulo Mendonça, stated that the P-43 platform has already reached production of 150,000 barrels of oil a day, and the P-48, 130,000 barrels a day.


    The company’s net consolidated profit was R$ 5 billion (US$ 2.017 billion), 32% greater than that registered in the same period in 2004.


    The generation of consolidated cash (EBITDA) reached R$ 10,5 billion (US$ 4.2 billion), with growth of 23%. In the period, Petrobras invested R$ 5,3 billion (US$ 2.1 billion).


    ABr & Anba

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