Petrobras' oil production up 2.1%, reaches nearly 2.6MM BOED

Source: Petrobras

Petrobras’ (NYSE:PBR) average oil and natural gas production in Brazil and abroad topped-out at 2,599,131 barrels of oil equivalent per day (boed) in May. This was 2.1% more than a year ago (2,546,553 boed), and at the same level as the total volume lifted last April (2,598,463 boed).

Only taking the fields in Brazil into account, the average oil and gas production was 2,351,993 boed. This is an increase of 1.8% over the same month in 2009, and remains stable compared to the volume produced in April this year (2,356,843 boed).

The exclusive oil production in domestic fields was 2,020,152 barrels per day, an increase of 1.5% over a year earlier, when 1,989,322 were produced, and 0.6% less than the previous month's mark (2,032,620 barrels/day), reflecting stability in production levels.

The volume of oil and natural gas coming from fields where Petrobras has operations abroad rose to 247,138 boed in May, 4.5% more than a year ago. Production going on stream at new wells in the Akpo and Agbami fields, both in Nigeria, contributed to this result. Compared to April 2010, the volume was 2.3% higher due to higher demand for Bolivian gas and to improved operating efficiency at the Agbami field.

Natural gas production in the domestic fields topped-out at 52.759 million cubic meters per day in May, practically the same as a month and a year earlier.

Natural gas production abroad was 16.214 million cubic meters, 4.8% less than in May 2009 and 5.8% more than last April. The greater demand for Bolivian gas contributed to this positive result.

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