Brazil: Petrobras posts record first-half profits

13 August 2008

Sao Paulo, Brazil, 13 Aug – Petrobras made record profits of 15.7 billion reais in the first half of the year, up 44 percent in an annual comparison, the company announced Monday.

The results are due to increased prices of products sold and boosted production, said Almir Barbassa, financial director of the Brazilian state-controlled energy firm.

Petrobras revenues hit 101.46 billion reais in the first six months of this year, up 25.7 percent year-on-year. “Increasing production of oil and gas resulting from installation of new units” contributed to these results, said Barbassa.

The company also registered record profits of 8.78 billion reais in the first quarter of the year, an increase of 29 percent over the same period in 2007.

Petrobras announced a new offshore discovery last week in an area below the pre-salt level in a zone extending for around 800 kilometers.

Since the onset of exploration in this pre-salt zone, Petrobras and its partners have made dozens of test drillings in deepwater and hydrocarbons have been detected in all these wells. The contractor group comprises Petrobras (65 percent), BG Group (25 percent) and Galp Energia (10 percent). (macauhub)