Brazil’s Petrobras increases oil and gas production by 5.2 pct in 2009

21 January 2010

Sao Paulo, Brazil, 21 Jan – Production of oil and gas of Brazil’s Petrobras, Galp’s partner in Brazil, rose 5.2 percent in 2009 against 2008, to 2.5 million barrels per day, the Brazilian state oil company said.

Production in Brazil totalled 1.9 million barrels per day, a rise of 6.3 percent against 2008, but 28,000 barrels short of the target put forward at the beginning of 2009.

Petrobras noted that growth had been the result of a rise in production at the Roncador field and the start of operations at the Marlim Leste, Marlim Sul, Niterói and Sao Vicente fields on the Brazilian coast, which contributed to making up for slowdowns in more mature fields.

In 2009, the company’s proven reserves totalled 14.87 billion barrels, which was a drop of 1.5 percent against 2008, as a result of excluding production in Bolivia due to a change in the country’s legislation.

Last week Petrobras started construction of the largest refinery in Latin America, and the fifth largest in the world, in northeast Brazil.

The project, which is due to cost 15.8 billion euros, is to have a capacity to refine 600,000 barrels per day as of 2015.

Petrobras currently controls 11 refineries in Brazil, four abroad and five which are under construction, with a refining capacity of 1.9 million barrels per day, which is less than the amount the company produces. (macauhub)