• Categories
  • Archives

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

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Brazil Exports to Argentina and Europe Are Down, But to China They Are Up

Trade barriers imposed by Argentina on imports in general have resulted in a drop ...

Brazil Is Celebrating: The Country Is Importing More

Brazil has imported the equivalent to US$ 49.457 billion from January to the fourth ...

Brazil’s Largest Sugar Company Sells 33% of Its Exports to Arabs

Brazil's sugar and alcohol company Copersucar ships 33% of its sugar exports to the ...

Wall Street and Low Inflation Give Brazil a Boost

Latin American stocks were mostly higher, with Brazilian and Mexican stocks posting robust gains, ...

Brazilian Literary Masterpiece, The Brothers, Becomes Play

Dois Irmãos (The Brothers), a book by Brazilian author Milton Hatoum, is going to ...

Brazil and Uruguay Ready to Forgo Dollar and Do Business in Real and Peso

Brazil and Uruguay have plans to have bilateral trade operations in their respective local ...

Down in Black Bahia

By Brazzil Magazine My mental journey into Brazil began on Christmas Eve 1999 when ...

Brazil’s Coffee Crop Up 35%, Second Best in 10 Years

Brazil, this year, is expecting its second largest coffee crop in the last ten ...

A Palestinian Fashion Statement Makes It Big in Brazil

A piece of cloth in Palestinian style arrived at Brazilian stores this winter. It ...

Brazil: 5 Million Internet Shoppers Will Spend US$ 1.8 Bi in 2006

Electronic commerce should generate a turnover of US$ 1.8 billion in Brazil this year, ...